Can you use a sub-interface for statefull failover on the ASA5510? If so, is there any drawbacks to doing so? If not, can you use the management port for failover?
Yes, you can use the sub-interface. We did have some restrictions back in earlier code when we were using those ugly physical and logical interface types, but now that we've changed to ints and sub-int (v7.x) there's no restriction.