I got this answer back from a mamber of the Engineering group
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I know that some customers have attempted Exchange restores with tapeanalyzer (as 1 example), but at a hyperv perspective, I never attempted to restore without having a vepa (Hyperv agent) initiate, connect to a hyperv subsystem and actually restore
So is it possible, possible yes …but never tried it, would have to research it further..that is, assuming that the restore (restoring vm’s without vepa initialization) is even supported.
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So, the answer is, it has never been tried, and we don't knwo if it will work. Perhaps someone else out there has tried this, and can either say yea or no
