If anyone is interested or curious, CW 5.1 and P&E (Hiwave?) debugger seem to run just fine using a MacBook (C2D) running Parallels with Windows XP Pro. My connection to the target system is USB2 to a Cyclone Pro.
In addition, all CW files are on a networked drive located on my desktop Mac and that works without a hitch.
I used to run CW on the MacBook by booting directly into XP via Bootcamp, but I just got Parallels and everything seems to run just fine with that. Much better solution than having to reboot to run CW. Plus, Windows is pretty much in a sandbox on the Macbook.
(To edit, I use my favorite editor, SubEthaEdit (what a name), on the desktop Mac and the edits are picked up just fine in CW.)
I'm almost a happy camper now.