Q. Should I create a new team interface off the NIC Team or create a vNIC on the host?
A. NIC Teaming enables multiple NICs to be joined together to provide resiliency from NIC failure and aggregating the available bandwidth. By default a single team interface is created that represents the combined NICs however additional team interfaces can be created assigned to a specific VLAN (while all other VLANs go to the default team interface). Another option is to create a virtual switch and attach that to the single default team interface and then through the virtual switch create vNICs which are virtual NICs available on the host (instead of vmNICs which are used by VMs). The vNICs on the host can be configured for different VLANs and used for different purposes. Therefore there is a choice.
Normally if using Hyper-V you don’t use additional team interfaces as then any traffic for that VLAN of the additional team interface could NOT be used by any NICs connected to the virtual switch, i.e. no VMs could be connected to that VLAN. So if using Hyper-V have the one default team interface and add vNICs (host NICs) with specific VLANs for host traffic (but VMs could also use it). If you were not using Hyper-V and the virtual switch, you could create additional team interfaces for different connections.