Here we have 2 questions:
1 if we can do it
2. If we should do it
The answer to No 1 is... Yes using Qemu as it has no dependencies or probably yes ( I personally haven't tried it) with the addition of some libraries (.net and others) slipstreamed inside PE, and then run Vmware Player with the desired predefined VMs if they can fit in Ram. Remember by default WinPE doesn't use swap and you need to jump through hoops to make it do so but then if you do activate swap, you risk the disk you want to rescue as PE runs exclusively from RAM (X: is a ram disk).
The answer to 2 is... there is no real point or benefit, or I don't see one at least and on top, you risk breaking a bad hard disk even more. You just add extra steps to the recovery process that will slow the PC down if anything or will ask you to do extra "maneuvers" to do the simplest of things. For example, to scan a local disk, you will have to do extra steps to mount it in the VM... which may risk the disk itself, and then because you emulate things, you make them dead slow. Not even going to ask why multiple VMs.
If we think about it, if recovery of a dead PC is what we care for either because of a bad disk or, viruses, all you need is PE and a good set of recovery tools and antivirus tools.. 2 or 3 is more than enough per category. Add some testing tools (ram, etc) and maybe some net/internet tools (FTP or any such tools, to transfer files out of PC, internet browser, etc) and you are set. Why do those through a VM when you can run them faster, easier, and native directly from PE?
The only other time I explored WinPE and VMs was to use them as an alternative to Esxi Server and I needed a lite OS to host the VMs to run. Results, for various reasons were below expectations but it was fun to build such PE.
Hope it helped.