With a vCenter Server (4.1 confirmed) you can use the Scheduled Tasks to reset a VM on a specific schedule. Not sure how that will impact the installed OS since a reset is the same thing as a forced restart of a physical system (not clean)... Probably better to set a reboot schedule from within the VM's OS (use the scheduler within Windows) to reboot at the time of day you're looking for. Or reboot if you don't care if it hoses the OS, or anything that could be open at that time.
I really don't have any VM's that I'm comfortable testing the different power scheduled tasks options with... If you have a vCenter Server, with the VM's on it, then just try it out. Otherwise, use the scheduler from within the VM's OS to perform the reboots on the schedule for you...
VMware VCP4
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