> does 5400rpm hdd restrict i7 processors performance by large or is it just minimal
It will make a noticeable difference if you use the faster drive, particularly in a laptop where (I assume) you don't have the option of putting the OS and data (virtual machine) files on separate drives.
> also is their any other components other than cpu and harddisk which effects tasks like virtual machines
It's very important to have enough memory. Add up the memory you're going to assign to each virtual machine that will be running simultaneously and make sure you have that much free after loading windows.