Snapshots are in the virtual machine menu when you have the vm open - you may not have any.
I would do the manual uninstall - it get's all the bits. You can try dragging to trash first, then do the manual pieces, but it's just easier to do the latter.
It should prompt you to upgrade the virtual hardware and tools the first time you run it. If not, then in the settings for the vm, under compatibility, you can change it there. if you're not prompted to update the vmware tools, you can do that from the virtual machine menu once the guest is booted and logged in.
Good luck!
