Shouldn't be a problem with running the Profiler Server and the LSI (or any) provider on the same machine as long as the machine is spec'd out well enough. Make sure the process is running, but my question is which version of the provider are you running? The newer provider the CIM instance name is '/root/lsiarray13', but on the older 'legacy' provider, the instance name is '/root/lsissi11'. You could try that and see what you get.
Also, note that the ip address that you enter in the wrench icon in Profiler is that of the SMI-S provider, not the array itself.