You could install the free version of VMWares ESXi and use that as a sort of iLO. In most case that would be a more pleasant experience.
It would be useful, but why not just run VMWare or Proxmox at that point?
But the same is true of iLO. Worse in that case, because the iLO won't receive security updates for as long and is less well scrutinized in general than common Linux distributions.