dr_pepper wrote: Will VMware Player support my desired virtual network? Is either of the options I described above reasonable, or is there a preferred configuration? If so, is the learning curve too steep for me to attempt as a novice in both topics?
A single instance of VMware Player only runs a single Virtual Machine. To run additional Virtual Machines start additional instances of VMware Player.
I'd strongly suggest you start by reading the VMware Player Documentation and for Networking read Chapter 7 "Configuring Network Connections" in Getting Started with VMware Player PDF.