I guess I should say "ideally" you would do what you would do if the server were physical. Ideally, you're going to have shared storage with thin provisioning and/or dedupe enabled, and/or thin provisioned VMDKs. Applications like SQL Server are going to claim space in the page file, but Windows isn't typically going to write the full 16GB to the page file unless it actually needs to be paging out for some reason. It would be ideal for to allow Windows to manage its own internal paging, but was we said, "it depends".
I can't think of a great reason to disable the page file, and if you do it, balooning is not going to work the way you would expect.