As others have said, VMware Workstation is adequate for preparing for the VCP 5 exam. You won't be able to cover every single objective on the exam blueprint with a Workstation-based lab setup, but you likely wouldn't be able to do this without a very very expensive pure hardware lab anyway. Get VMware Workstation installed on a host with as much RAM as possible and go from there. For the objective you can't replicate in your Workstation lab (FCoE, FC anything) spend a bit more time reading and check youtube out too. The number of objectives you can't cover with this lab setup are few and really shouldn't be enough to be the difference between passing and failing.
For iSCSI software check out Starwind iSCSI SAN Free Edition and for NFS, check out http://www.openfiler.com. For the vSphere Storage Appliance, check out http://communities.vmware.com/message/1837450. Also, William Lam (lamw) has lots of excellent information on nested FT, ESXi and more at http://www.virtuallyghetto.com that can be very helpful in building out the lab.
The one thing I can say with the Workstation lab is to not ever get too attached to your setup. Don't think of it as a static environment and think of all VMs as throw-away. If you are out of resources and need to spin up a new Windows VM to test Update Manager or other software, then just clean up and go for it. You may have to do a bit more work with this approach, but that will only prepare you more.
Good Luck!