Host is Windows running a single nic and has a static IP on the local LAN. The Guest is also Windows (in this case) and needs to have Internet access, but not have access to other machines on the LAN. In earlier versions of Workstation, if you wanted to do this you could simply use the NAT vmnet8 and all would work fine. Now it seems the NAT option, though the guest gets a totally separate ip subnet it still has access to the machines in the LAN range.
Example:
Guest is assigned 192.168.119.128/255.255.255.0
Host is 172.21.0.101/255.255.0.0
FYI: I have tested this with the Bridging option as well (DEFAULT) however then the guest receives no IP, so I suspect if the host is STATIC there may be an issue using BRIDGING, however I have yet to prove that is what is causing the issue.