In your shoes, I'd be giving it a try.
First issue is to figure out of your VM can truly send the full bit depth to your monitor. In my VMWare workstation, my Windows 7 VM's report 32-bit color, but who knows if there's some dumbing-down emulation going on. There was in the past when using remote desktop, but I think that may have been changed along the way.
Anyways, I'd probably make a file of a few patches of colors one value off from each other. {0/0/0, 0/0/1, 255/255/255, 255/255/254, etc} Make sure your monitor shows the difference in your host OS, then check in the VM.
Second issue is what happens if a LUT loader is used in the VM. No guess here.
Third, you might be able to easily get an ICC profile out of the VM. But, if your software uses a LUT loader on startup, you'll have to figure out where the LUT data is stored in the VM, figure out how to transfer it over, and get the LUT loader to start up and use it. If you can't get this to work, you could always make a profile not using LUT's.