FYI, I just tried my Windows XP professional VM and it started up without any problems about old policies.
I was trying to run MSDOS 6.2 from VMware 8, but under 9 I got the VM's policies are too old message. I followed the suggestions on this forum: renamed the .vmpl file and removed the two policy statements in the .vmx file. MSDOS 6.2 now runs fine as a guest under my Win 7 Ultimate host.
I Tried and find this way work fine as follows.
first step, remove these line from the vmx file
policy.vm.managedVM = "FALSE"
policy.vm.managedVMTemplate = "TRUE"
policy.vm.mvmtid = "52 d6 6f f9 f3 36 0f 9f-31 da 9f f5 90 7b ce 76"
secend step, remove the vmpl file
Is it possible to upload unmodified version of vmx and vmpl file. I need it to reproduce the issue.
My solution here is: we don't have to modify the configuration file (.vmx). Simply just delete policy files found in the VM's directory. Hope this help!