I'll repost my PM here for discussion/correction:
In theory, a PCIe card should ignore any power applied through the PEG connectors until the normal power-up process is initiated through the motherboard.
In practice, a situation where a motherboard is turned off but the PSU is continuously providing 12V should never occur with an ATX12V compliant PSU, so whether cards behave as expected cannot be taken for granted (could end up with anything from it all working OK, to the inconvenience of a card not powering back on properly, to VRMs being powered in the absence of active cooling).
A secondary issue is powering any other peripherals (e.g. fans, pumps, LEDs, etc) from the Dynamo would not work if the power is always on, as those peripherals would be continuously powered even when the PC is 'off'. This is more for convenience of wiring peripherals to a separate board, rather than wiring things all the way back to the plug-in module.
If the board already has a power-on trigger, then that's all that is needed.
The ideal way to trigger this would be to watch the PS_ON line on the 24 pin ATX connector. According to the
ATX 2.4 specs (page 19 para 3.3.3), the PS_ON line will drop below 0.8V when the motherboard wants the PSU to power up. If the Dynamo board includes a high-impedance trigger pin (so it doesn't pull the PS_ON line low itself) then that can be hooked to the PS_ON line (pin 16, green wire) to trigger both PSUs at the same time. If the Dynamo board itself cannot accept this trigger, a small external board could be used to monitor the PS_ON line and provide the correct trigger.
A future plug-in DC revision could even provide a dedicated 'outboard PSU' trigger connector, or at least an easy to access header to reach the original PS_ON line. For current plug-in DC boards, the easiest ways to access the PS_ON line would be to solder a wire to
the exposed pad on the side of the plug-in board (where the pins protrude form the top of the Mini-fit Jr connector), or to slip a fine wire into the Mini-fit Jr socket on the plug-in module, then push it onto the motherboard, trapping the wire in contact with the pin without needing to solder anything.
A simpler, but less reliable, way to trigger would be the PWR_OK line, which goes to +5V once the PSU is on. The problem with this is that the motherboard uses this as the 'power supply is all OK now' trigger and starts turning on peripherals, so if the Dynamo is just
starting to power on after this line goes high, it may not be ready to supply power if peripherals demand it immediately. This would be one of those "probably OK most of the time, but could cause difficulty to track down edge-case problems" situations.
If Larry at HD-Plex can confirm whether any of the exposed 12V or 5V pins on the HD-Plex 160W go high long enough before the PWR_OK line to allow for the Dynamo to power up, that would be the easiest wiring solution for an end user. The problem is that would only apply for that particular plug-in solution, rather than being a more general solution.