Hi Piyush,
Using SMB is one way to connect, but it sounds like you are not using VMware Shared Folders, only the Microsoft sharing to access SMB exports from your Windows virtual machine.
There isn't a correct or incorrect way to access the files from one environment (Windows virtual machine -VM) to the other (OS X drives).
It really depends on where you want to store your data files and what applications you are using to access (or modify) those files.
So for you, it seems that TextMate, is an OS X application that you need to use, and that you want to store your data files in the Windows VM.
Here, the files and server is really the Windows VM and the client (application -TextMate) is the client on the OS X side.
Why do you want to store your data files in the Windows VM? Can you not run a svn utility that is OS X based to get the source straight on to the OS X drives?
Usually, users who use VMware Shared Folders do so, because they want or need to use Windows applications, and want or need to store their data files on the OS X drives. This means then they can back them up using OS X tools and run spotlight to search through their data files.
In this scenario the file storage and server is on the OS X side and the client access (applications) is from the Windows side.
Just set up what makes sense for you and how you need to work.
As for your sticking or delay. Is the delay, when you first try and access files using TextMate or does the delay prevent you from accessing TextMate when you try and leave the Windows VM?