If you are working with integrating O365 it is recommended to have 2 different interfaces mapped to 2 different listeners.
1. You cant have 2 listeners on the same interface and use the same port number.
2. If you end up having just 1 listener, that is going to create a challenge when differentiating traffic that originates from you tenant vs other O365 tenants given they always uses random hostnames.
To answer your question, logically you should NAT both interfaces to Public IP addresses.
Public listener/Interface IP NAT - so that it can be used to send and receive emails from external domains.
Private listener/Interface IP NAT - For O365 to connect to the ESA.