I am trying to get this exact same setup and have been for awhile, perhaps you could help me out? I had it working a couple of times but it didn't last, I have a post here that no one has answered: Virtualize Partition
I'd be down for some collaboration in figuring out this puzzle.
PS I would recommend an alternative to rEFIt called rEFInd which has extended capabilities as well as an ongoing development unlike rEFIt, more on the site here: The rEFInd Boot Manager - Roderick Smith