However, do be aware that running the license server within a VM can cause some interesting issues. While the ESX servers will cache a license for up to 14 days, if for some reason you do not realize there is a license server issue, which is not necessarily related to a VM issue, the ESX server can cease to function properly.
So just be sure to keep track of how the license manager is functioning at all times. Funny thing is that when I ran it as a VM I had more issues than when we run VirtualCenter, License manager, and DB on one machine. You may even want to use a Microsoft cluster with VC, LM, and DB where one node is physical and one node is virtual. You definitely want some form of backup available.
Best regards,
Edward
Edward Haletky