I can not say for sure in vmware, but when using kvm decreasing memory of a running virtual machine works fine. Of course up to a limit, but the software will tell you. When you decrease it the memory in the virtual machine will gradually be lowered, until it can't be lowered any further. If you set the memory to be lower than where it stopped you will need to reboot the virtual machine to have it lowered completely.
I recently did that on a system running kvm with about 20 virtual machines, where someone thought it wise to over commit memory, causing some virtual machines to run in swap (doh!). To fix it I lowered the memory by about 20-40% of 2/3 of the virtual machines and most were able to lower it completely while running. A few needed a reboot to have the new memory setting take effect completely.
Going from that I would assume a vmware virtual machine could allow this behaviour as well. However a quick test in vmware player tells me that it will need a reboot to take effect (fancier vmware software may behave nicer). Otherwise it is safe to do so on a running system. Of course whether the amount of memory it is left with is enough to run it correctly is another matter.