IBM support provided a efc_power program to measure the transmit (TX) and RX (receive) strength. They stated it works with most Emulex fiber cards. If a server reports the TX less than -10, then the card is probably bad. If the RX is less than -10, then cabling or the SAN port is probably bad.
Quote:
hostname:/:$ efc_power /dev/fscsi0
TX: 0bee -> 0.3054 mW, -5.15 dBm
RX: 0cc8 -> 0.3272 mW, -4.85 dBm
hostname:/:$
I'll attempt to attach the program.