They kind of serve different purposes with the same end goal.
Once you get the virtual machine you effectively have everything that Rails Installer gives you, but in that virtual environment.
So effectively all you need is a text editor (I recommend SublimeText) and PowerShell then you should be good to run your 'Railsy' commands within your SSH to your VM.
So the workflow is edit within the shared directory on your host (Windows) and then run 'rails server' 'rake db:migrate' etc within the terminal of your VM.