Tdwsn,
Completely by accident I have been able to get the Factory Talk Directory Configuration wizard to run under Windows XP Mode, in windows 7.
All that is required is to turn off integration features in XPmode while you run the wizard, ie: Tools-> Disable Integration Features.
Then run the wizard.
When your done turn the integration features back on, and you're good to go
... Player is free, but you still need to pay for workstation to create/edit your Virtual Machines.