For the record, we did a test of a PCS guest VM. We restored a guest VM from backup to another PCS host. I used VMware Converter Standalone 5.1 and successfully imported it into one of our vSphere 5.1 hosts. We gave it a new IP and brought it up and it seems ok. We performed the conversion using the 'powered-on machine' as the source type.
Hopefully this info is useful to someone else down the road.