TestComplete License Manager Installation
While you can run a License Manager on a VM, the constraints imposed by the licensing system make using a VM worse than using a physical machine if you can't control how the VM is managed. If you have the choice of using a physical machine, take it.
As for using the same machine to run TestComplete and serve licenses,.... yes, you can do that. In fact, you have the same license server bits already installed as part of the TestComplete installation. (The License Manager installation is just a repackaging of only the license server bits and pretty interface, and no TestComplete bits.)