Hi,
Unfortunately, when using vSphere Replication without SRM, there is no "Test failover" functionality.
Also the replicated files are not directly usable as a VM image, as they have redo logs on top of them.
You could use the Recovery wizard in VR UI to do a failover using latest available data (you can manually request a sync before that, if needed). This won't require shutting down the source VM.
Once you are done with the testing of the recovered VM, you can unregister it from vCenter Server inventory, but keep the disk files.
Then you stop the replication and configure it again, pointing it to the already existing .vmdk files - to use them as initial copies.
The scenario you described, would run smoothly if SRM is used on top of VR:
1. After running "Test failover", there would be a test VM registered in the target site vCenter Server inventory, sharing the same chain of disks at the replication + some redo logs on top.
2. Replication continues normally, at whatever the RPO value is set, unaffected by the fact that there is a test image created.
3. Once "Cleanup" is run on the recovery plan - the additional redo logs are discarded.
Regards,
Martin