You'll need machine control I think via 422 which I don't think VV supports out of the box. You might be able to get something like the Miranda DV bridge to convert 1394 control into RS422 but having never tried it I can't say for certain it will work. I'd suggest just capturing the whole tape and chop it upin VV, Seems much easier to me.
Alternatively you could copy to DV using via tape to tape and with some luck you should be able to preserve T/C and work from the DV tape(s).
I've been capturing quite a bit of histerical historical footage from VHS lately.
YellowRedWhite plugs out of VHS into a composite plug. My Canon ZR45MC has a built-in Analog-to-Digital converter (AV/DV). So do many other DV camcorders. Composite plug into my Canon (selecting AV/DV from the camcorder's menu to enable the appropriate plug receiver.
Firewire out of camcorder into computer. Open Vegas, open Capture. You will have NO vhs control from the computer. No advanced capture options. Go to Capture, Options, Preferences, General, and DISABLE the very first item, "Enable DV device control."
Apply and close.
Go to your VHS and start tape, you will get a preview in Vegas Capture.
Just before you want a segment, hit Capture button. Stop when concluded. You'll get a clip which you can rename.
I haven't spent a lot of time trying to edit off the VHS during capture. I just feed large segments into my external drive. Open the segments in the Trimmer, and create Regions. Save Regions. Select Region View in Explorer window and add to timeline from there.
Ultimately you can clean up your stored files with Tsunami or Vegas which will remove unused segments of capture, but that's been covered here before. Good Luck. DGrob