I have started testing this with Workstation 8.
VMware Workstation no longer crashes the kernel with the Sennheiser USB headset when using Workstation 8.0.1 and Fedora 14. I have also tested with Workstation 8.0.1 and Ubuntu 11.04, and receive the same results. Given those combinations, after removing the blacklist and loading snd-usb-audio, I can once again toggle the device between a Guest and the Host without crashing the kernel.
I have not yet tested the UVC, but am hopeful that Workstation 8 has resolved the problem. More testing as time permits.