Evening,
A few points to consider:
When you say swap files are you suggesting the virtual machine swap or the guests swap. I would advise against the guests swap being on local ssd for HA reasons.
If you mean the virtual machine swap file this file is created when the vm is powered on and equals the size of the vm's virtual memory - any reservation. Putting this file on local ssd has two benefits:
1. Speed of swap due to local ssd speed
2. Not using your san storage (a requirement from your original question)
Now please bear in mind this swap file is only used during overcommitment of memory operations. So if you have zero over commit on memory they will never be used make #1 benefit not really a benefit. So you are left with free'ing up san space. If this is critical for you then sure do it and by all mean turn on the feature swap to host cache. (Good article on it here http://www.yellow-bricks.com/2011/08/18/swap-to-host-cache-aka-swap-to-ssd/) If you have ssd and you want to see some performance from your SSD when not over commiting you may just want to wait for 5.5 and use vSphere Flash Read Cache (article here What’s New in vSphere 5.5 Storage | VMware vSphere Blog - VMware Blogs)
Please let me know if this answers your question.
Thanks,
Joseph