This KB article http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=1754 seems to indicate that for Windows 7 x64, the config.ini should be stored at C:\ProgramData\VMWare\VMware Player\config.ini yet the file I placed there isn't being read - I've checked the file access times. And no, it's not a permissions problem.
2013-11-30T13:32:57.100-06:00| vmx| I120: [msg.dictionary.load.openFailed] Cannot open file "C:\ProgramData\VMware\VMware Workstation\config.ini": The system cannot find the file specified.
2013-11-30T13:32:57.100-06:00| vmx| I120: ConfigDB: Failed to load C:\ProgramData\VMware\VMware Workstation\config.ini
2013-11-30T13:32:57.100-06:00| vmx| I120: [msg.dictionary.load.openFailed] Cannot open file "C:\ProgramData\VMware\VMware Workstation\config.ini": The system cannot find the file specified.
2013-11-30T13:32:57.100-06:00| vmx| I120: ConfigDB: Failed to load C:\ProgramData\VMware\VMware Workstation\config.ini
2013-11-30T13:32:57.101-06:00| vmx| I120: [msg.dictionary.load.openFailed] Cannot open file "C:\ProgramData\VMware\VMware Workstation\settings.ini": The system cannot find the file specified.
2013-11-30T13:32:57.101-06:00| vmx| I120: ConfigDB: Failed to load C:\ProgramData\VMware\VMware Workstation\settings.ini
2013-11-30T13:32:57.101-06:00| vmx| I120: [msg.dictionary.load.openFailed] Cannot open file "C:\Users\fred\AppData\Roaming\VMware\config.ini": The system cannot find the file specified.
2013-11-30T13:32:57.101-06:00| vmx| I120: ConfigDB: Failed to load C:\Users\fred\AppData\Roaming\VMware\config.ini
2013-11-30T13:32:57.104-06:00| vmx| I120: [msg.dictionary.load.openFailed] Cannot open file "C:\Users\fred\AppData\Roaming\VMware\config.ini": The system cannot find the file specified.
2013-11-30T13:32:57.104-06:00| vmx| I120: PREF Optional preferences file not found at C:\Users\fred\AppData\Roaming\VMware\config.ini. Using default values
So it looks like I need to create a fake VMware Workstation directory and put the config.ini there, even though I'm not using that product, or put it in the c:\users location. Neither of these is indicated by the KB article. So either update the KB article, or fix the bug in VMware Player.