Paul,  in short, no.

The operating system runs on the underlying logical and physical hardware.  So 
if I have z/VM running in an LPAR that has only IFLs assigned logically to it, 
z/OS will not be able to run.  If I have a mix of IFLs and CPs in the LPAR, 
then you can start up z/OS as a z/VM guest and assign one of the LPAR's logical 
CPs as a virtual CP to that z/VM guest, and z/OS is good to go.

The way IFLs, zIIPs and zAAPs work is that several machine instructions that 
z/OS needs are disabled.  There was an attempt two years ago...and probably 
more we don't hear about...by a user to circumvent this.  As a consequence IBM 
changed the MLC agreement to prohibit you from doing this.

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