Will an i5 be enough for a home lab setup?

I am looking to build a home lab for VMware, but I only have an i5 (Lynnfield) CPU. To reduce costs I am going to be virtualizing the ESXi hosts (how Inception like
), vCenter, and the another VM for the shared storage. I'll most likely be using freeNAS for the shared storage, unless anyone knows of a better option. I am going to need a total of 7 CPUs:
1 for the physical system
4 for the ESXi hosts (2 CPUs each)
1 for vCenter
1 for the shared storage
So would I be able to do this setup only using an i5? Or should I upgrade to an i7?

1 for the physical system
4 for the ESXi hosts (2 CPUs each)
1 for vCenter
1 for the shared storage
So would I be able to do this setup only using an i5? Or should I upgrade to an i7?
Comments
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As commented above, CPU won't make a great deal of difference - if you are just labbing things then the majority of the time those VM's will probably be sat there doing nothing.
However, you will need those giggidybytes of RAM..........
I'll look into Microsoft iSCSI Target.
I would say that it is more than adequate for the host, and even Server guests. However, if you wanted to run a production and non test / lab environment, I would bump up the RAM, and possibly the CPU, but for a home lab you will be fine.