We have started using Shunra VE Desktop v5 lately and are in the evaluation phase. Basically, you need to install the Shunra VE Desktop components for each HP LoadRunner Controller and HP Load Generator in the configuration and the VE Desktop for HP Performance Center on the PC User Site.
Runtime statistics are automatically collected from the Shunra monitors. Three modes are available, Basic, Advanced & Professional, which would help you emulate network parameters mainly, Latency, packet Loss & Bandwidth.
I have not used the Shunra software solution since early releases of LR. However, I have used their hardware appliance and it works well. The appliance goes in between load generators that you set up as WAN sites and your application. It emulates WAN characteristics using captured live WAN data or manual configurations. Not cheap but works well.