Ok, I've been going at this for some time.
Current Installation: Fresh install of Ubuntu 12.04
Video card: Nvidia Optimus GT540M
VMware: Workstation 9. (Unbuntu 12.04 is the HOST)
(Brief history: tried to get 3D support working under Workstation 8, using numerous nvidia drivers (every step you can find online), upgraded to Workstation 9 and retried all the steps. Reinstalled Ubuntu.);
Current status: Currently using Bumblebee. 3D WORKS on Ubuntu. I have glxinfo returning YES for 3D support and glxspheres working.
Since No nvidia drivers are installed, Vmware Workstation WILL NOT recognize the video card, and thus will not enable 3D support for the Windows 7 VM. - This is the problem we need to solve.
I have tried to uninstall Bumblebee and install Nvidia drivers and suffered from the 640x480 issue, with the Nvidia Settings not detecting a proper x configuration.
So the issue is currently: VMware will not recognize the video card properly since Bumblebee is installed. The 3D support will ONLY (so far) work using Bumblebee.
Let the delimma begin. This is currently a Vmware issue, although could quickly become another Ubuntu 12.04 issue if I have to go down the path of many drivers.
(Yes, I spent 9 hours trying to install every version of the Nvidia drivers everyone "suggested" with zero luck and many issues.)