Hi,
Thank you for the detailed response, and this is exactly what I figured would happen. Pretty interesting though, any time I do a P2V, the IP address is never set after conversion. I use a script to copy back the info.
So basically, I can boot the VM, make sure it actually boots and everything looks okay. As long as it does, I can feel comfortable with powering down the physical. The issue I'm having is they want the P2V done at night, but nobody can test until the next day (when I'm not available to do all the post conversion tasks that converter doesn't handle) 
Thanks again for the help.