Did some searching and couldn't find anything to answer this question.
The new versions of Player and WS support DirectX/3D. Can I create a VM in an older version of Workstation (5.5) and move it to a computer with the newest version of Player, and have the 3D functionality work? Or is it a requirement to create the VM in the newest version of WS for this functionality?
You will probably need the virtual hardware upgraded to the newest version for this to work, but I'm not 100% sure.
You can always create the VM with another method as a Workstation 6.5/Player 2.5/Fusion2/Server2 compatible one.
In addition to the virtual hardware upgrade, you'll also need updated guest drivers for, at the very least, the svga device.