Is this scripting a form of Vegas VBA that is object-oriented with an object hierarchy to access Audio and Video down to looping through the frames and a COM interface (where it can be accessed from other Win COM interfaces)? I sure hope so!
If not, then PLEASE reconsider!
I guess the answer to this question is partially yes and partially no.
Scripting might be considered a form of VBA in the sense that you can
write VB scripts that access internal data structures within a Vegas
project. These scripts can also instruct Vegas to open projects, save
projects, create new projects, and perform renders.
However, the scripting API in Vegas does not allow scripts to access
the raw video and audio data. There is some COM involved underneath
the hood but the public scripting API is not COM. Rather, it uses
.NET framework classes and is intended to be accessed from .NET
scripting languages like JScript and VBScript.