My use case was pretty simple. I wanted to share out a raw device via iSCSI to a nearby host on the 172.16.2.x network.
In addition to a minimal Red Hat Enterprise Linux 6 (or equivalent) install, a few packages are needed:
# yum install -y iscsi-initiator-utils scsi-target-utils sg3_utils lsof
I knew the device I wanted to share was /dev/sdb by looking at the output from dmesg: