For question number one, yes that is as big as the .vmdk or harddrive of the machine can get but there will be more space used for other files which can add up, especially if you take or use snapshots you are going to want a buffer between the size of the machines and the capacity of the storage volume.I generally use 20% as a default. Keeping in mind I am pretty diligent about removing snapshots as soon as possible and making sure their lifespan if very short.
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