Is there a way to directly connect a specific device (ie, NIC) to a particular VM?

I've figured out how to map a specific network interface to a VM, thats one step, but in the end I may need direct access to the PCI device itself.

Second to that, for network interfaces mapped to a particular VM, is there a way for the VM to be able to properly detect physical link state of that interface? Right now that's a 'configurable option' inside network interface settings on the VM in the manager (ie, plugged, not plugged, and link state up /down)

Thanks,
David