Do you mean the Parallels application, or the VM disk? If you mean the latter, I'm running from my Boot Camp partition, and that has to be on the main drive. I'll do some experiments with different amounts of load when I have the time. (I have deliverables this week.)
However, even if heavy load causes an I/O timeout and a spontaneous unmount, I really think Parallels should re-mount the disk without having to reboot Windows. Couldn't Parallels monitor the situation and reconnect?
And if only Parallels would mount the disk in the same place each time (oh please yes!) then a lot of things wouldn't be too badly disrupted. This isn't as good as it working reliably in the first place, but it would help a great deal. At the moment I not only have to re-start Parallels, I lose all my shell sessions, editing sessions, etc. because the disk doesn't remount in the same place.