Page file recommendations vary greatly at every turn - many of them relate to the days where servers used to have 4GB RAM and throwing 1.5*RAM at disk capacity was very easy to do.
I've always left my Exchange servers at the "automatically configured" setting - I don't feel trying to be smarter than the OS ever gets a person anywhere. Typically on servers with 16-32GB RAM I end up seeing <16GB swap disk used, suggesting the amount your formula lands you on is quite excessive.
If you have only one guest per host - there's no reason not to allocate all available CPU to that one guest.
just one Exchange 2007 guest as per vmware and MS recommendations when using SCC Clustering.
Can you show me where this recommendation was ever made? It feels amazingly excessive and contradictory to the benfits of virtualisation. I've certainly had no problems sharing Exchange 2007 and 2010 VMs with other guests.