Yes you can use the newer AMD CPU’s, as the OpenCore AMD kernel patches work in High Sierra, Mojave and Catalina. As long as you remember to provide the correct NVRAM > APFS > MinDate & MinVersion entries and use a compatible SMBIOS in the config.plist.
I don’t use VM software so have no idea if VMware Fusion would be compatible with High Sierra, the latest VM releases are unlikely to work in an OS that is now getting on for 6 years old. Most recent software requires you run Catalina or newer.
I’ll be honest and say I see no reason for anyone to run High Sierra, unless they are using a Pascal or Maxwell Nvidia GPU and don’t want to use the OCLP root patches. Even then I would say it was past time to upgrade to a macOS compatible AMD GPU.