#Small lightweight linux distro install
I suggest you take a distro, that's easy to manage at first, for instance Debian, many packages, but you can install a minimal system. If you need many different VM solutions, for instance some running on VMWare some with KVM, some XEN or VirtualBox, I'd choose what's best, even if that means having different VM solutions running side by side on several machines.
If security is a big issue, personally, I'd use an OpenBSD firewall (with pf) managing access. It comes with all the components you'll need to run a pleasant desktop Linux. However, other distros such as PopOS, Debian, and OpenSUSE can give you a smooth experience. Linux Lite isn't as small as some tiny distros, but it won't make you scream, either. On the other hand, CentOS offers the best hosting support. As we can see, Fedora offers more customization Ubuntu provides a lightweight system. This lightweight distro takes everything we love about Ubuntu and compresses it into a smaller package while also removing some of the non-essential stuff in the process. You might also want a more hybrid approach, and regarding the cluster of hosts and guests as a VM realm. We reviewed the top 10 from the hotlist of best Gnome based Linux distributions.
When in doubt, I'd advise testing several distros over a period of maybe two or three weeks, and giving it some performance and security testing. I don’t know for what exactly you want a lightweight Linux distro, however, if you want to run some common server application such as web server, Database, MongoDB, File Server, OwnCloud, Game server, and more then try out the TurnKey Linux solution. TurnKey Linux Core- Virtual Appliance Library. Most VMs I run, is on Fedora, but that might not be what you need, if you plan on using XEN-based VMs. However, still, Lubuntu will not be much lighter as compared to Linux Lite and Puppy Linux. It also depends on what type of VMs you're planning to run. Well, you can always make a distro leaner, by installing less, and only the essential packages.