Last week I had to virtualize an old Dell PowerEdge R200 running FreeBSD 7.4-RELEASE-p10 i386.
As usual I tried to use VMware vCenter Standalone Converter but unfortunately in this case didn't worked.
1) I've create a new VM on the vcenter with the same disk size of the physical server.
Beware that traffic is clear between hosts but if you are in a LAN it is probably ok.
On the fist attempt I've tried to compress the traffic to increase the performance but using old hardware it performed worst.