The only thing that makes any sense now is that the DDS files within the VP file are somehow damaged and the game cannot read them and throws you the error it says.
Could you try and re-extract the MV_Effects.vp file from the archive you downloaded, if you still have it? Sometimes data errors creep into the VP files during the extraction (good example would be when during the VP testing phase, a particularly mystifying model bug turned out to be corruption of that single model file during the extraction process).
Or, if you have deleted the 7z file already, re-download it from
here.
EDIT: Personally, since you mentioned Turey's installer, I would probably replace all your VP's with the ones found
here but your problems don't seem to be quite typical of Turey's corrupt VP problems; the filesizes match with correct ones and the number of files in VP's matches too, so this is probably a separate issue...