Can I run a miner on the same computer as a P2Pool node? I have a P2Pool node running as a VM on my computer.  When I tried to mine on the locally hosted node, the console for the miner was spammed with accepted shares.  When I connect to a remote node, everything seems normal, and not so spammy.

Is it possible to set my miner to mine on the locally hosted node, or will I have to point my miner to a different node?
You can use a local node with no issue.  The p2pool instance will eventually increase the difficulty of the shares it asks of the miner if it is getting too many of them. 99% of those "accepted" shares are simply faked to keep the mining client happy anyway, the current share difficulty of the p2pool network is over 500k.