Tim,
That would be fine with me. I did intend at one point to make two separate packages (VM & VMMaker) but since the VM code is pretty much pointless without the tools to use it I thought better of it. The only real cost would be finding all those places that refer to the VMMaker package and updating them properly. Can SM do redirection?
You should be able to simply rename it (as packages use UUIDs as refs for the most part). In fact, if you want to do it, I'd say definitely do it before 3.6 gets finalized and choose a nice name such as "Squeak Virtual Machine" or somesuch ;-)
In any case, I agree with your reasoning that for the most part the VM is pretty useless without VMMaker and I don't see much of a reason to separate the two.
Cheers, - Andreas