Hi qcguy,
As long as your clone has all the necessary permissions, access, and available resources (such as correct port openings, access to shared resources necessary for the operation , if any, for the ALM server, and correct and sufficient free space and memory to operate correctly and efficiently) then your described planned operation should work as expected.

You may need to change some of the service settings for running the services if the VM is going to have different user accounts assigned to it than the original server had or your VM situation requires special policy situations within your network. Otherwise there shouldn't be much issues. The above statements were provided assuming that the VM situation doesn't require special VM management and manipulations, as if that is the case then those settings willed need to be applied by your IT staff accordingly.

Hope this help,
Dan

Thank you Dan....much appreciated.