Yeah, this is perfectly doable. I ran a very similar setup for a while. I’d recommend passing one of the NICs directly through to the VM and using one for the host to keep it simple, but you can also virtualize the networking if you need something more complex. If you do pass through a single NIC, you’ll need a switch capable of handling VLANs and a bit of knowledge on how to set up what’s called a “router on a stick” with everything trunked over one connection and only separated by VLANs.
Keep in mind, while this is a great way to save resources, it also means these systems are sharing resources. If you need to reboot, you’re taking everything down. If you have other users, that might be annoying for everyone involved.