Extract the original executable. One way to do this is:

VMware-player-7.0.0-2305329.exe /e [output path]    (Seems to be silent operation, and can take around 30 seconds to complete).

Using the output folder, you can create a MST to enter custom PROPERTY settings:

AUTOSOFTWAREUPDATE = 0            Turn off AutoUpdate
DATACOLLECTION = 0                        Turn off usage statistics
DESKTOP_SHORTCUT = 0                 No desktop shortcut
EULAS_AGREED = 1                            Supress license dialog
SERIALNUMBER = xxxxxxxxxxxx        To enter purchased license key
COMPONENTDOWNLOAD = 0            Turn off component downloads
QUICKLAUNCH_SHORTCUT = 0        No quicklaunch shortcuts
ARPSYSTEMCOMPONENT                Delete this or set to 0 to have the app show in Program and Features.