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It sounds like Dell OMSA is depreciating so the out of the box LogicMonitor Dell HW modules that leverage OMSA will eventually no longer work.

If we will have to monitor Dell HW via the iDRAC (which will consume an extra device license), we would like Dell iDRAC/IPMI monitoring expanded to leverage iDRAC Service Module (iSM) monitoring capabilities.   

This way we can avoid the need to use a device license to monitor the OS and just use iDRAC/iSM monitoring to get server metrics that way.  

Below is the doc:
https://www.dell.com/support/kbdoc/en-us/000178050/support-for-dell-emc-idrac-service-module

It looks WMI, SNMP, REST queries are possible monitoring via the iSM.