Ok, I'm bored during this holidays ..
While surfing around and playing with Xen and VMWare, I stumbled upon this http://sanbarrow.com/vmxbuilder.html and saw a DOS Shell script to generate VMX. The crazy me took over, I started converting the script to Python~ :P. I have reimplemented most of the basic functionalities of the script in Python classes. Below is the script.
If youre interested to improve it, Sanbarrow.com provides lots of useful docs related to VMX parameters here - http://sanbarrow.com/vmx.html