I am running Hyper-V 2012 in a Windows 2008 R2 Environment.
I would like to restrict the management of Hyper-V nodes to only domain administrators, and to non-administer but who are members of a specific AD group.
Is this possible?
The Authorization Manager (AzMan) tool is what you're looking for. Basically, Hyper-V uses an XML-based authorization database to arbitrate access to functionality. This XML database is managed by the Authorization Manager tool. You can name Active Directory principals (groups, users, etc) in authorization rules.
You can get extensive detail from this series of blog articles. There's a nice TechNet wiki article with some screenshots, too.