If what you are doing is memory intensive then you'll need lots of memory, at least enough to support the host OS + whatever is allocated to the VMs without swapping.
Laptop disks are a bottleneck full stop, I've found that even using a separate external disk for the VMs. In my desktop I have 4 x 7.2k disks in a RAID array which improves things, however the best performance I have obtained is from the SSD in my laptop.
In fact when I got my first SSD I had it in an external enclosure (I bought it specifically to speed up an install of some commercial software on top of a windows + oracle DB VM that would run for 6-8 hours before failing) and apart from the install taking less than 20 minutes once I worked around all the foibles that caused it to fail I found that the windows running in the VM with the virtual disk located on the SSD was more responsive than the host OS installed on a 7.2k rpm laptop drive and I ended up using it for all sorts of everyday tasks.
For what I use it for (VMware workstation with linux or windows OS, oracle or SQL server databases, various J2EE app servers / web apps, often with another VM holding windows hosted dev tools, as well as a bit of faffing with computationally demanding stuff like FPGA synthesis in my spare time) I would certainly spend the money on an SSD over a quad-core processor, although of course having both wouldn't hurt.