jefferey.barnett,
From a policy re-use perspective, there is no issue with having a separate 1G and 10G "Link Level Policy" that you could then re-use on other interfaces Policy Groups.
What you really have to consider if the setup of the "Policy group" policies that get assigned to these interfaces, as this is where you eventually select which "Link level Policy" to use, then apply it to the Access Port Selector that would represent your FEX's HIF. If you decide to go with a single Policy group that represents all 1G Access Ports, and a single Policy Group that represents all 10G, that will work from a functionality perspective, however the question becomes; How often will you find yourself singling out one port with different access policies? Because at that point, you will have to go in and manually create/reassign a new Policy group If you ever need to change just one int for troubleshooting/testing/etc.
Please see this image for a quick reference. A "Link Level Policy" (1G/10G) would get assigned within node 3 (Policy Group), whereas you were have separate groups of "Interface Selectors" (node 2) for your FEX HIFs:
-Gabriel
