Hi,
None of this has a lot to do with VMWare, an an HP forum may be more helpful.
What I can tell you is - the Lefthand has a setup guide, and you kind of can't go wrong with any of your below queries if you follow it. If you have a specific question we can try to answer it, but at this point these answers aren't going to be much help:
1) It's what you setup so that you're not pointing at any individual node.
2) One
3) The virtual Ip will belong to one server. If that server fails, the other will take over
4) If you configure it that way. Do you want it to?