The newer Ubuntu should have what you need for wifi
- just my two cents here, but if you mess around at all with your Bionic and there is going to be a relatively great chance that you will need to root again, I would set up the VM. That way, you are all set, ready to go. If you go USB, then later use the USB for something else, you will have to set it up all over again. LiveCD sounds much the same situation.
I'll confirm that for Live CD. I had to re-start the process several times (crazy password) and my settings didn't save...