We run Sage FAS 100 in a virtual machine....we had the product from Best before Sage bought them out. I did not realize they did not support the product in VMware, however I have called once in the past and did not hide the fact and nothing was said about non-support.
Depending on the application, it may be simply possible to just install the software on the hardware system and point it to the same database, or copy all of the files from old to new and just fire it up.
Are you being forced to do a migration back to physical hardware or are you just being paranoid about support?
As for V2P - look at PlateSpin. Unless you really know what you're doing when it comes to using something like ghost to image the hard drive and dump it on new hardware, a V2P product is probably the best option to use.