It is most likely possible to get it to work. I have a eTrex Legend and the IOGear usb/serial adapter, but both use the same MapSource software and the serial adapters probably use the same chip. What I did is disable USB support in the PC settings in VPC, and make sure you have the usb/serial adapter drivers installed in OS X. Then plug the USB/serial adapter into the computer. Then, set COM1 in the PC settings in VPC to usbserial0 (this is what my adapter shows up as in the menu, yours may vary). You may need to fiddle with the flow control setting checkboxes. Sometimes it helps to reboot windows after changing the VPC settings. It takes some tweaking, and will sometimes not work, but I have managed to upload map data and waypoints and download tracks from the GPS successfully, as well as use the gps in NMEA mode with Streets & Trips within VPC and with Route 66, Terrabrowser and MacGPSBabel for OS X.
If this doesn't help, let me know and i'll be glad to help you troubleshoot.