I do not believe one can directly install Mac OS X or OS X to a USB Device from within VMware Fusion, although maybe set as a Raw Disk however I haven't tried that. Also, USB Devices are not directly bootable in VMware Fusion and while one can use Plop Boot Manager to indirectly boot a USB Device nonetheless I do not believe it works with Mac OS X or OS X although I do use it to boot Linux from USB Devices in VMware Fusion. You can however create the Virtual Machine Package on the USB Device and install Mac OS X or OS X to the virtual hard disk of the Virtual Machine thus not taking up any space on the internal storage device.
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