However, I'd be acutely reluctant to point a virtualisation server at one of its own VMs as a default gateway, as that gateway clearly will not exist at the point in time when the virtualisation server boots.
Admittedly, I'm new to all of this, but I'm in the midst of configuring a host with a handful of jails to run my gateway services. One of the jails is the gateway, another runs dnsmasq for DHCP and DNS. The host passes the WAN and trunked LAN interfaces to the jailed gateway. The host also has its own static IP and a default route that runs over a VLAN ultimately connected via a bridge to the jailed gateway. I haven't rebooted it in a few days, but it's working fine and I haven't noticed any problems with the default routes or what not when it comes up. The gateway comes up quick and fetches its DHCP "WAN" address—not really WAN, right now, as it's all running on a separated network with my current router which I'm replacing.
The most critical piece, which I think OP should consider is how to console into the system. The machine that's running the above is a NUC and I don't have it connected to a keyboard or monitor, but it does have a console port. It also happens to have 6 NICs. I could use one of the NICs to connect via SSH, but instead I'm currently using a Raspberry Pi and connect through to that then console via a USB-console cable adapter. And, I can VPN into the Pi, too. The Pi has its NIC and a USB NIC and lives on both networks, so I can connect into it and test gateway configurations as a client machine while also connecting to the console and run everything on the host/jails.
I have discovered tmux, and now I think my life is complete.
ssh>cu>tmux, everything I need to work on the system.