If you are running VSphere (VC ver 4.0) you can select your Data center and then click the Virtual Machine Tab. The right click one of the headings (name) for example and add the column "Vmware Tools Status"
It will say OK for current, Not installed, Not running, or out of date.
If you are not on Sphere,
You can do the same thing but the names are different, It says ToolsOK, ToolsOld, Not running, Not installed.
This help?
Edit: you can then sort the VmWare tools col. and see the ones that need to be upgraded grouped together.