you can try to do it, but do not destroy phisical server (if you need to use it on-line)
(i'm repeat) is better use dcpromo on new vm.
It's possible that you encounter some network problem: when you convert a phisical system also physical nic will be converted with all network parameters (ip, mask, default gateway etc). At the end of cenversion phase, you need delete old phisical nic (search for hidden device in control panel or via resistry) and assign original ip address in new virtual nic after vmware tool installed.
During this operation the converted dc it will not be able to connect at you ad infrastructure. Some uman error are possible durin this operation, but you can try to do it.
Vmware best practice they say to convert physical server without fsmo roles, but if you are able with microsoft enviroment ... you can reduce migration time.
That's correct that Parker say.... keep one physical active directory server (with a global catalog role).
Bye Alberto