Hi,
Will both hosts be able to see and access virtuals on SAN?
Yes, your host will be able to see and access to your Datastore previously created.
Do I have to install a second View controller on the new host for fail-over to work? or is that handled at the VCenter level?
No need to install a second VM to ensure HA. If you enable HA functionality on your cluster, in case of host failure, your VM will be automatically restart on the second host.
For more info about HA :VMware HA: Concepts and Best Practices
Regards,
Julien