MapIt only serves out raw vector data, and not base data. So yes ArcGIS Server would be a great option for basemaps instead of Bing Maps (in fact that's what the API was designed for in the first place). You can even create your own layer types (see the codegallery for samples) so you can use any type of mapservice that can serve out map images via HTTP. For instance OpenStreetMap, WMS, etc.