Wondering if I can use a Windows VM to assign my HDS command devs and run HORCM CLI commands.
Yes, however you will need to have the command device presented to the VM as a physical RDM. It should also have the command device attributes set prior to presenting it to the VMWare host.
you can also use a virtual command device by IP (out-of-band).
For commands, OK.
Collecting large amount of performance data (e.g. with Tuning Manger) is a different story.
Example for SVP IP address 192.168.1.100 and UDP communication port number 31001:
Have a quick look here for "out-of-band":
Command Control Interface Installation and Configuration Guide
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