I'm looking into the possibility of using SCVMM 2008 r2 for managing two hyper-v hosts but principally for creating P2V's of existing hardware onto the two new hyperv hosts.

Where are people installing SCVMM ? On a dedicated non-hyperv physical host, or under parent parition on ONE of their hyper-v hosts. Or in the child partition of a hyperv host.
Also, what are the network requirements depending on where you choose to install, and still be able to undertake P2v