When a Test SNMP alert is sent to the IP of the OME server, where will I see that alert in OME when it arrives? Should it just be on the Home Page, under Alerts/Normal?
Do I need SNMP configured on the OME server?
You need to have Windows SNMP Trap service configured and running on OME server, before you start with OME, to receive any SNMP traps.
Traps will show up on home portal, and, with device details in Devices portal, and, in Alerts page under Manage section.
Yes, on OME server it has to be running with local account. On target chassis you need to configure SNMP traps to reach OME.