I spent some time this morning with support. One thing the found that that some of the VMWare services were not starting up properly. We un-installed VMWare Tools and Re-installed. This seems to help but it did not eliminate the flicker entirely. We made sure there was enough memory & processor cores allocated to the VM.
They asked me to shut down all VM's not in use (not suspend) and watch for a couple of days. They agreed this is not a solution but will help diagnose the problem. I will watch my VM's for a couple of days and we will talk again.
Brian
ps - I have no flicker problem with running an OS X 10.7 VM.