I don't think you want to eliminate the page file from your windows servers. The OS expects and relies on this to be there. We've done exactly what we've always done with physical servers, except we no longer put the page file on its own disk/array/drive letter in a VM. It stays at the C: default.
The other concern which I am not sure about, is how the memory balloon feature would work or not work on a windows system with no page file.
I thought that when the memory balloon expanded to reclaim memory, it basically forced memory contents from the guest OS, into the page file.
I could be wrong, perhaps someone else can confirm or correct this.
If you are never going above 50% usage, then maybe you do not need to worry about the memory ballooning feature, though 50% usage seems a bit low for me.