The main benefit of terminating the TN3270 stack on the router is that it saves mainframe processor cycles. The first implementations of TCP/IP for the mainframe were very heavy users of CPU but today it is much more efficient so this is less of an issue.
If you have 2 CIP cards each connecting to every LPAR, you can use the same mac addresses on each. The TN3270 session will be established with the first to respond, which, in theory, should be the most lightly loaded, so you will achive some for of load balancing and redundancy.