PHP doesn't allocate the whole memory to a thread when it starts; the number is what it uses to terminate a thread if it asks for too much. In your VPS, you should be able to run nearly 100 that use no more than 6M. Theoretically. In practice, it will be somewhere in the middle, due to system memory overhead and the fact few complex PHP pages will come in under 6M.
Then, too, that 90M limit will apply to any pages that don't override it with their own limit. How did you go with that Wordpress memory limit setting?
Wade.