To get it running you need a patch called "vmware-any-any-update108.tar.gz" which I found here.
I did this so I could run a virtual machine with a freshly installed Windows XP.
So I could install the sync software for my Treo 650 and set all the conduits but one to "do nothing".
That one conduit belongs to an app that had expired on my usual sync machine. I needed to get the info dumped from it, so I installed a fresh copy here in this imaginary computer running inside my real one.
vmware (and other virtualization apps) have trouble making transient USB devices available to the guest OS.
So, following a hint I found (at a link I have misplaced), I plugged my USB Bluetooth radio nubbin into the server and installed the drivers for it, etc.
Then I set it up to sync to the Treo over Bluetooth.
Incredibly, this worked.