Mountain Lion as a guest VM in OS X Lion
8 GB of RAM will help tremendously !
Can't go wrong with a SSD, but I have a Flash-based persistent storage on my 2011 MBA, so it should count as fast in the equation...
I did install the Parallels Desktop Tools, don't think it was such a good idea... Mouse is weird, in all my different setups (multiple vs single screen, Bluetooth external mouse and trackpad vs MBA trackpad only), it was sluggish as hell for one thing, but pointing on things was totally off the targets in all cases...
Peace out.
S.