, I forgot to share the results .....This architecture is validated now and the best part was that Zoning can be done on FI. Good to see FI working as a fabric Switch.
I also validated Boot on SAN for ESX 5.0 u1 and u2.
Now this looks a very cost effective solution as it is saving the entire cost fo MDS Switch, which is around $16K .More if the operational expenditure of MDS is considered.
It is not a Flexpod architecture but a Flexpod like archittecture.No FCoE being used for Nexus.Also please note that Nexus5548 is not mandatory requirement. Incase you are using a Cat Switch, U can utilize it for your new design...