Hi Jbot2k,
First off, welcome to the VMTN communities!
I agree with Dave - usually the easiest way to do this is to build out a new Exchange environment in your virtual infrastructure and migrate mailboxes. If you're already dealing with Exchange 2007 SP2, then the mailbox move is considered an online move and has very little impact to the end user.
I'm usually not in favor of a P2V with Exchange since it's usually so simple to build new and migrate. You get the added benefit of designing and building the Exchange 2010 environment from the ground up to support your virtual infrastructure.
That's two votes for build new and migrate...
Matt