Bo,
The system that you ipl on the emulator "owns" all hardware resources. When you ipl zVM you tailor the VM USER DIRECTORY to contain settings for all of the guest operating systems that you plan to ipl. The minimum number of CP cores you need to ipl an OS, including zVM is 1. Could you ipl a zVM system and then ipl a z/OS guest on top of it with only one CP core defined to zVM? Yes, possibly, but I wouldn't recommend it. Also note, we do not license zVM for general use with RD&T. We license it only for hosting parallel sysplex configurations.
RDzJohn
RDzJohn