Forum Discussion
If anybody is wondering, the answer to this is that each VLAN needs to be mapped to a separate Virtual Function and passed to the VE as a PCI device per F5's docs.
I did some research on the SR-IOV drivers (ixgbevf/ixgbe) and found out that both are required to make it work. ixgbevf drivers are found on the guest OS, while ixgbe drivers are found on the hypervisor. They work in tandem and their versions need to be kept in sync.
I found this chart http://www.intel.com/content/www/us/en/support/network-and-i-o/ethernet-products/000006958.html which indicates you'd need ixgbevf version 2.16.1 or later for compatibility with ESXi's ixgbe version 3.7.13.7.
My assumption is that since our VE's ixgbevf driver is at 2.14.2, there's some functionality that isn't implemented between the ixgbe / ixgbevf versions we're running. This would be why VMware's method of deploying SR-IOV isn't working as expected.