Randy,
I am the Windchill System Administrator who works with Darren and can reply to your question.
As Darren mentioned, our virtualised DEV system is built from the "Ground Up" and consists of a VMware Virtual Machine running 32bit Windows XP which has both Oracle and Windchill installed on it (ie a monolithic installation).
The VMware virtual machine is configured to run in host only mode so that there is not communication from the DEV machine to any other host on our network apart from the VMware host machine (ie the laptop of the developer). This means that we can have numerous copies of our DEV machine all with the same hostname and configuration and they will not clash with each other on the network due to a name collision. It also means that only the developer can access the DEV machine running in VMware Workstation on his laptop and no one else.
The only changes that need to be made to the DEV machine image when it has been copied to a new VMware Workstation host is related to the change in the IP address for the new VM. This is because when you copy the VM to another VMware Workstation installation, it is most likely given a different IP address/network range via DHCP from the VMware Workstation installation on the new machine. Both Oracle and Windchill need to be able to resolve the hostname of the DEV machine to the correct IP address and this is usually hard coded in the local Windows Host file (C:\Windows\System32\drivers\etc\hosts).
All you need to do is to boot the VM for the first time, note the new DHDP IP address that the VM has been given (Start/Run/CMD then run ipconfig /all) and then update the host file on both the DEV VM and the VMware Workstation host laptop so that the Oracle and Windchill hostname resolves to the new IP address. Then, reboot the DEV VM and the Oracle should start at boot succesfully and then you can then start Windchill normally.
Note - it is possible to configure Oracle to use a local loopback adapter hostname/IP address so that it can cope with the IP address change (https://forums.oracle.com/forums/thread.jspa?threadID=392603) but you will still need to change the hostname/IP resolution for Windchill...
Other than that, you would not need to make any changes to the DEV machine's Windchill properties as it is running as a completely identical clone to the previous version of the machine.
Hope that helps.
Garu