I can't think of any reason it shouldn't work.
However, I have heard of fans running at full speed in servers because the temperatures of drives can't be read correctly.
An HP equivalent depends on your requirement, if the 4 external SAS ports of the H800 are required then it look like the P840 range is the only available choice - but I suspect it will be really expensive overkill.
If you can explain what you want it for a bit more, RAID levels, no. of drives, etc an alternative would be easier to suggest