The Physical Machine that I'm running VMware Player 3.1.4 on, is the same machine that the Macrium Reflect Image is from!!

Since the Physical Machine is the same that the Image is from then you can create a Virtual Machine directly using Paragon Go Virtual and skip all this nonsense however regardless of how you do it you're going to have WPA issues to resolve as well as licensing issues if you intend to continue to run the Physical Machine and the virtualized copy as well.

BTW I did read the PDF Document and while it is possible to do as it suggests I would not do it that way.