You will need a monitor on the computer during the install.
Any graphics card will support UI1 atleast down to the ATI Rage generation graphics card.
WmVare sounds a bit more dubious, you will most likely need the ressources of a dedicated server, running a virtual sollution implies other things running as well?
In addition you will possibly have trouble with the network configuration in a virtual machine?
I would rather install a bare core on a "not brand new" machine and try it out on a dedicated machine than mess around with virtual machines (that's just me I guess), but Linux and LMCE have very few problems with "previous generation" hardware.
For a test setup with a couple of MDs a 1.7GHz PIV with 768MB RAM worked for me, and you can buy those at yard sales for 50$/35£/45€, and if it doesn't work for you what have you lost