Exchange 2007 HyperV and Guest level backup possible?

Hello,

I have Exchange 2007 running as a HyperV virtual machine.  I would like to back this up using DPM 2010 via the hyperv host server to get a complete copy of the VM, but also by installing the DPM guest components on the Exchange VM to backup the database.

Is this possible, as backing up the entire Exchange VM causes the transaction log files for the Exchange database to be deleted.  Will this cause problems when I then backup just the database via DPM?

Thanks,

Chris.