Did you try VMware Fusion ? And when GE ask for the game path i'm not sure we need to have the game really installed/running , maybe just the folders and the .exe is enough for it so no need many ressources in the VM.
Now I just installed fusion. Forgot they released a working version for new macs. I don't think GE works without the gmae, but anyway, for what I do, I don't really need it.
