WS4.5 fully supports USB now which means you can attach physical USB peripherals to a virtual machine.
My initial test involved installing WinXP + SP2 in a VM and attaching the BT dongle to it. It worked perfectly and SP2 correctly identified it as a CSR BlueCore dongle. It could discover the T3 just like a physical PC.
My next test will be to install the Widcomm stack on an XP SP1 virtual machine and the Palm desktop and see if the T3 can hotsync and connect to the net.