Hi Muz,
The LTM VE can work on bridged and NATd interfaces--not just host only. The first interface is for the mgmt. On a VM host with one external interface I normally set this for host only and then administer the LTMs via a self IP address (if I need to admin the VE off the VM host).
You could create a second host only interface and VLAN, and put the server(s) on that VLAN.
Jason wrote a great article on setting up VE:
http://devcentral.f5.com/Tutorials/TechTips/tabid/63/articleType/ArticleView/articleId/1082331/Whaddya-Mean-LTM-VE-Only-Has-Two-Interfaces.aspx
Aaron