UPDATE - I found a problem where you could not view logs in the NSM under OSX when using java version 1.5.0. I have put the fix in below, which references the 1.4.2 version that should be installed on your system. Now it works perfectly.
It's possible to run NSM on Mac OSX. You will need to install the GUI on a linux box, and then tar it up:
tar zcvf nsm.tgz Netscreen-Security_Manager/
Then untar it on your OSX box. I usually make an NSM directory in my $HOME and put it under there, renaming the "Netscreen-Security_Manager" directory to whatever version it is, like 2006.1.
mkdir ~/NSM
 -- put your nsm.tgz into that directory
cd ~/NSM
tar zxvf nsm.tgz
mv NetScreen-Security_Manager 2006.1
You then need to modify the NSM.lax file. I have placed a copy of it below that should work for everyone.
To run it, cd into ~/NSM/2006.1 and type "./NSM &"
The reason I renamed it to the version number is that I have several versions installed, so my ~/NSM directory has like 5 versions in it. Also, I noticed that when running it on an Intel based Mac, it works great. But when running it on a PPC based Mac, you must wait up to a minute or two before clicking connect after you type your password or it will fail. Not sure what's causing it, but I noticed that Java takes up a big chunk of CPU right when it starts, and if you don't wait for it to calm down it will give you an error when trying to connect. Once you're connected, it works great. Also, you can cut and paste, but within the java app, you must use ctrl-c and ctrl-v, not the apple key.
#Â Â LaunchAnywhere (tm) Executable Properties File - Zero G Software, Inc.
#Â Â LAX.APPLICATION.NAME
#Â Â --------------------
#Â Â the default name of this executable -- do not edit
lax.application.name=NSM
#Â Â LAX.CLASS.PATH
#Â Â --------------
#Â Â the Java classpath necessary to run this application
#Â Â Can be separated by colons (Mac OS/Unix) or semicolons (Windows)
lax.class.path=lib/client.jar:lib/jdom.jar:lib/sshtools.jar:lib/jcchart451K.jar:lib/forms-1.0.2.jar:lib/nstelnet.jar:lib/alloy.jar:lib/javachart.jar:lib/jakarta-regexp-1.3.jar:lib/foxtrot.jar:lib/ireasoningsnmp.jar:lib/velocity-dep-1.4.jar:lib/log4j-1.2.8.jar:lib/log4j.jar:lib/jcpagelayout.jar:lib/certj.jar:lib/jh.jar:lib/jsafe.jar:lax.jar
#Â Â LAX.COMMAND.LINE.ARGS
#Â Â ---------------------
#Â Â what will be passed to the main method -- be sure to quote arguments with spaces in them
lax.command.line.args=$CMD_LINE_ARGUMENTS$
#Â Â LAX.DIR
#Â Â -------
#Â Â path to directory holding LaunchAnywhere's native launcher
lax.dir=.
#Â Â LAX.MAIN.CLASS
#Â Â --------------
#Â Â the class that contains the main method for the application
lax.main.class=com.netscreen.apps.mainui.StartUp
#Â Â LAX.MAIN.METHOD
#Â Â ---------------
#Â Â the method in the main class that will be invoked
lax.main.method=main
#Â Â LAX.NL.CURRENT.VM
#Â Â -----------------
#Â Â the VM to use for the next launch
lax.nl.current.vm=/System/Library/Frameworks/JavaVM.framework/Versions/1.4.2/Commands/java
#Â Â LAX.NL.JAVA.LAUNCHER.MAIN.CLASS
#Â Â -------------------------------
#Â Â main class of LaunchAnywhere's java launcher -- do not adjust
lax.nl.java.launcher.main.class=com.zerog.lax.LAX
#Â Â LAX.NL.JAVA.LAUNCHER.MAIN.METHOD
#Â Â --------------------------------
#Â Â main method of LaunchAnywhere's java launcher -- do not adjust
lax.nl.java.launcher.main.method=main
#Â Â LAX.NL.JAVA.OPTION.ADDITIONAL
#Â Â -----------------------------
#Â Â Incremental Garbage Collection
lax.nl.java.option.additional=
#Â Â LAX.NL.JAVA.OPTION.JAVA.HEAP.SIZE.INITIAL
#Â Â -----------------------------------------
#Â Â Initial Heap Size
lax.nl.java.option.java.heap.size.initial=48m
#Â Â LAX.NL.JAVA.OPTION.JAVA.HEAP.SIZE.MAX
#Â Â -------------------------------------
#Â Â Maximum Heap Size
lax.nl.java.option.java.heap.size.max=384m
#Â Â LAX.NL.MESSAGE.VM.NOT.LOADED
#Â Â ----------------------------
#Â Â text to show the user in a dialog if NO VM can be found.
lax.nl.message.vm.not.loaded=The application either could not find a Java VM, or the Java VM on this system is too old. The application requires Java 1.1.5, Microsoft Java version 2750, or Mac OS Runtime for Java 2.0. These can be downloaded from http://java.sun.com/products/jdk/1.1/jre/ or http://www.microsoft.com/java or http://www.apple.com/java
#Â Â LAX.NL.VALID.VM.LIST
#Â Â --------------------
#Â Â a string containing one or more of JDK JRE MSJ MRJ delimited by spaces or commas.
#Â Â If the native launcher cannot find the current vm,
#Â Â it will search for ones in this list
lax.nl.valid.vm.list=JDK JRE MSJ MRJ
#Â Â LAX.NL.WIN32.MICROSOFTVM.MIN.VERSION
#Â Â ------------------------------------
#Â Â The minimum version of Microsoft's VM this launcher will run with
lax.nl.win32.microsoftvm.min.version=2750
#Â Â LAX.ROOT.INSTALL.DIR
#Â Â --------------------
#Â Â path to the installdir magic folder
lax.root.install.dir=/root/NetScreen-Security Manager
#Â Â LAX.STDERR.REDIRECT
#Â Â -------------------
#Â Â leave blank for no output, "console" to send to a console window,
#Â Â and any path to a file to save to the file
lax.stderr.redirect=
#Â Â LAX.STDIN.REDIRECT
#Â Â ------------------
#Â Â leave blank for no input, "console" to read from the console window,
#Â Â and any path to a file to read from that file
lax.stdin.redirect=
#Â Â LAX.STDOUT.REDIRECT
#Â Â -------------------
#Â Â leave blank for no output, "console" to send to a console window,
#Â Â and any path to a file to save to the file
lax.stdout.redirect=
#Â Â LAX.USER.DIR
#Â Â ------------
#Â Â left blank, this property will cause the native launcher to not
#Â Â alter the platform default behavior for setting the user dir.
#Â Â To override this you may set this property to a relative or absolute path.
#Â Â Relative paths are relative to the launcher.
lax.user.dir=.
#Â Â LAX.VERSION
#Â Â -----------
#Â Â version of LaunchAnywhere that created this properties file
lax.version=7.0
#Â Â NSDIR
#Â Â -----
#Â Â the install directory
NSDIR=.
