I have tested multiple versions of VMWare, the problem is the VMtools version. So you could possibly use other versions of VMWare workstation if you use a compatible version of VMtools.
The problem with Windows 7 Ult super lite x86 on Later VMWares/VMtools is that DirectX cannot initialize a first time opening of EVE, I believe it's a failure in VMtools support in Dx11. Where if you use a VMTools that only supports Dx9, the eve client will default to using it (Use Dx9 option no longer works in eve client settings).
If you use the Windows 7 Ult super lite x64 VM, Dx11 works fine (VMware Workstation 15). I doubt VMWare will work to improve compatibility as they go forward, and CCP has said they will phase-out Dx9 support in the next few years.
Dx9 Phase out
Dx Support
Ultimately, if you chose anything but a stripped version of Windows 7, you would require better hardware for less performance.
TL;DR
The difference between 32 bit/64 bit is a little more than memory, it's the entire architecture. Modern Hypervisors will continue to focus support on 64 over 32-bit, use VMtools from era where 32-bit was standard.