McAfee VSE Best Practices for Web Development Environments would definitely be a welcomed resource. Indeed, all WDE wouldn't be covered but at least some insight on some of the major WD packages in relation to McAfee VSE exclusions.
As you obviously already know, there are two exclusion techniques that can be applied here. Folder/file/ext exclusions and process exclusions (low risk option). We have looked into that issue ourselves because a lot of Eclipse devs complained about performance (and rightly so). Excluding whole folders and subfolders is always a tremendous risk and one usually not worth taking. Even so, compared to process excludes it is the less optimized approach if performance is a concern. The risk of adding the VS executables as low risk processes is much lower than excluding the whole folder and serves the same purpose. However it all depends on how you configure the low process policy. If need be you can exclude the folder in the low risk process policy which gives you the exactly same result but at much less risk. You just have to make sure you add all the right and relevant processes to the policy.