For what it's worth, the "right" way to handle this is NCSI, which allows a management interface to piggyback on the host's NIC:
https://en.wikipedia.org/wiki/NC-SI
Unfortunately, support for NCSI can't be added to most motherboards; it requires the NIC to support it.
It would also be interesting to make the PCIe card a good enough NIC (please use an effectively universally supported chip) to avoid the loopback cables.
About 99% of the time I want console access I would vastly prefer a proper serial port (≥115200 baud, 8N1, hardware flow control and break condition). Make that and power control (status, on, off, warm reset, cold reset) available via SSH over WireGuard. If done well it requires a lot less bandwidth and is more snappy. While I'm wishing for things please add mosh too ;-).