ANSWERS: 3
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It should work fine in VMWare.
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VMware will provide the guest operating system (Windows) with virtual video card. Assuming you install VMware tools into the guest, the virtual video card will be a "VMware SVGA-II" graphics adapter. This virtual device is limited to 128 MB of RAM. Provided Photoshop (and the plug-ins) don't need more than this, you should be OK.
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Good answers already from slevin and alderbaran. If you have any problems, they'll be performance related not driver related... In case you're not aware, http://www.gimpshop.com/ is an addon for GIMP which makes it behave like Photoshop.
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