If I do not have VMplayer running does my host have access to both cpu's and all 8 gb of ram or does it utilize only one cpu and 5 gb of ram?
If you aren't using VMware Player with the VM running, then your host has access to all resources.
When I set up the VM I set disk size at 75 gb. Would I benefit if I reduced that?
Maybe. It is pretty simple to extend disks, but unless it really bothers you or consumes space you don't have it probably isn't worth the effort of rebuilding.