Just curious if there are any issues of using the same network drop for
both ILOM and the actual ethernet interface at the same time?

Currently I am running both the ILOM with a unique IP and a public IP
on the ethernet portion (I'm still confused how they fused two MACs to
one physical port, but hey!) and it is working fine as I am building
the server here at the house.

I'm just curious if there will be any issues either long-term or when I
put this in the co-lo datacenter and they place it on their Cisco
switches? I only get one network drop (but multiple IPs), which is why
I'm looking to run both the ILOM and public port on the same NIC.

I'm sure a little begging, I could get another, but I'm just trying to
save some finagling.

TIA!

You should be OK doing that, as long as the IP's on the ILO and your OS
are in the same network (VLAN, ...) and the ISP doesn't limit the
number of MAC addresses on a switchport to 1 (eg. port security) ;-)
The ILO just piggybacks on the physical interface using a different MAC
address.

Regards
Rutger