Jeff,
If snapvault supports flexclones, it should be possible to do this by creating a flexclone of the snapvault volume and mapping the luns to another server.
Unless you're using Protection Manager, you won't be able to perform this operation with SMSAP directly because it is unaware of the snapvault copy. Also, you won't be able to perform a flexclone as SDW does not support that feature. It will have to be done using lun clones inside the snapvault volume, again if snapvault supports it.
There are lots of caveats when performing these sorts of tests in SAP environments, including printers, hostnames, profiles, batch jobs, interfaces, etc. Be sure to have the basis administrator involved to make sure that when you bring up the SAP system, that production like data doesn't start getting sent out from the system.
Craig