It's worth noting that the i5 and i7 processors in the July 2017 Macbook 12" refresh are much more capable than those in the 2015/16 model. On benchmarks at least they outpace the older Macbbok airs like yours. The i5 model also out performs the remaining i5 13" MBA presumably because the 12" turbo boosts higher and is 2 CPU generations newer. You can compare them on everymac.
The 12 isn't going to come close to the 13 pro but it should be good for some light vm'ing. It's also cheaper to spec to 16gb than the Pro.
TL:Dr if the rest of your needs work for the 12" it's worth a punt.
