Thus what I would like is the ability to have by dev board and VM ubuntu connected to the network. I'm assuming via the reply that I would want to look at the vmnetnat.conf to do something like this?
As I previously said using Bridged is the easiest way to accomplish what you want without having to configure anything else for the Dev board and VM to connect directly to each other. Using a NAT Network Adapter in the VM with Port Forwarding may work, it just depends on how/what you want the Dev board to access on the VM otherwise the last option is manually modifying the Routing Tables and would always be my last choice in the order, using Bridged , NAT w/PF then mod RT.