You could do something like this
$folderName = 'MyFolder'
Get-Folder -Name $folderName |
Get-VM -PipelineVariable vm |
ForEach-Object -Process {
$spec = New-Object -TypeName VMware.Vim.VirtualMachineConfigSpec
Get-HardDisk -VM $vm -PipelineVariable hd |
ForEach-Object -Process {
$device = New-Object -TypeName VMware.Vim.VirtualDeviceConfigSpec
$device.Operation = [VMware.Vim.VirtualDeviceConfigSpecOperation]::edit
$device.Device = $hd.ExtensionData
$device.Device.StorageIOAllocation.Shares.Level = [VMware.Vim.SharesLevel]::low
$device.Device.StorageIOAllocation.Shares.Shares = 500
$spec.DeviceChange += $device
}
$vm.ExtensionData.ReconfigVM($spec)
}