If you can get your hands on a genuine serveraid card, thats what you should use.
ideally dual channel, especially if you plan to use drives externally and hang drives off the internal connector. eg a 4m etc.
IBM only supports either int or ext connectivity per bus (you cant use both on a single channel). the dual channel series cards are 64bit 66mhz full length cards and thats what you want for u160-u320 drives.
the internal bus supports all 6 trays / drives, and you should have 2 backplanes in there by default (6 drive support)with 3 blanked off (RHS)
you can boot off the card or internal bus (bios diable the internal bus if you really want to boot from the card and dont have anything hanging off the internal bus.
ibm serveraid support cd version 7.12 supports x350 series, this is about as far as you want to go, unless by some miracle you can procure a u320 card. ($$$$$$$$$$$)
I'm using FC6 on my x350. It hasn't been without it's troubles though, particularly with the savage onboard graphics. you can avoid issues by editing grub's boot params - disable the quiet function.
I had issues with fc5, but went back to fc3 (perfect) was dissatisfied with RHEL ES4, and since obtaining an EXP200 to hang off the serveraid card, have decided to use the box as a media centre
)
personally I think fc3 was faster, but I could be wrong, i never benchmarked it and have added truckloads of packages since.
who said 4 xeons isn't fast enough?