Steve: I think you will be very happy with the success of Snow Leopard within a Virtual Machine for your needs and I would love to hear your results in using it.
I had a recent dialog on another thread on this site regarding the EULA for Snow Leopard. After posting a challenge for some specific language in the EULA for SL that prohibitited its use in virtualization, the antagonist's only response was pointing me to a knowledgebase article from Parallels. This article does make the claim that virtualizing a non-Server version of Leopard or Snow Leopard was a violation of Apple licensing policies, but with no specificity.
I cannot find any language in the Snow Leopard EULA that would prohibit its use in Parallels in Lion (there is language that would prohibit its use in Parallels in Snow Leopard). And yes, the Lion EULA now has specific language allowing us to run Lion in virtualization in Lion; but such positive statement would not retroactively effect the absence of prohibitive language in the Snow Leopard EULA.
My guess is that the virtualization companies have their own licensing agreements directly with Apple for reasons that are important to them, and in such agreements they have agreed to not allow the non-Server versions of Leopard and Snow Leopard to be virtualized. However you and I, as the customers of Parallels, VMware, etc. are not parties to these agreements and hence not bound by their terms. That being said, I have not read either Parallels or VMware's EULA which may attempt to bootstrap such a prohibition on us as the user.
In continuing my guess, these virtualization companies' obligation is to include code that will not allow the non-Server versions of Leopard and Snow Leopard to install into their virtual machines.
IF my guess is correct and again I have not read the EULA of the virtualization companies, then I posit that using a "trick" to get Parallels to install Snow Leopard does not violate Apple's EULA. I operate my Lion July 2011 Mac Mini under this assumption, but I am not making any legal opinions nor suggesting any such conduct by others.
Let me know if you run your programs under Snow Leopard under virtualization and how they perform for you. I think you will find it performs much better than running the Mac Mini 100% in Snow Leopard.