Normally, the following will give you best performance:
\- Install a url=http://www.anchorite.org/blog/2006/11/13/minimal-services-on-centos-44-mini-howto/minimal[/url] host os. X is not needed. Use preferable a supported one to avoid problems.
\- Use unicpu VMs with unicpu kernel/hals for your guest OSes.
\- Linux VMs should have their unicpu kernels compiled with url=http://www.vmware.com/pdf/vi_performance_tuning.pdfHZ=100[/url].
\- For the vmx file, you can in addition to the line you provided (to disable VMware swap) in your posting also disable url=http://www.vmware.com/pdf/WS6_Performance_Tuning_and_Benchmarking.pdfmemory trimming and page sharing[/url].
\- In a virtualized environment the VMs will all share the same disk systems. Because of this it's important that the disk system is of a certain quality and a controller with ram+battery will help you quite a bit.
If you have more memory than ~800MB it would help slightlly to use a 64 bit host OS. If you have >4GB, it would help even more.