There is only one version of the VMware OS Optimizer Tool that I know of.
Its basically a bunch of settings that you could go through manually and the tool is just a way of doing it faster.
There is always a risk that it will break something in your applications, there is no way to guarantee that that will not happen.
So if you are worried about that I would advise you to test each setting separately to make sure that it does not causes any issues.
// Linjo