you can turn NAT mode off which i guess means that if hosts connected to the switch had internet addresses they would continue to work...
ive got a dg834gt, and i am assigned one static address, want me to turn NAT mode off and assign my pc the internet address of my router to see if that works?
let me know.
edit... just had a quick go (v.quick, without the manual) and it didnt work. you must be able to do it though, ill have a quick look at the manual and see whats what for assigned blocks.