Yes, it is, but it's also a lot of work, and there's no guarantee it'll actually be used.
Or that it'll actually reduced hard disk space usage.
Now, if we could configure multimod to only draw from specific *.vps, then I could see that saving HDD space, as well as a reason for actually using *.vps (as of now, I feel they're absolutely useless, they don't compress anything, they increase the chance of corruption, and they're basically just a glorified folder.)
Say, you tell it to only load the CB anis vp from FSPort, then it won't load the ships you don't need. So, I could point to only load the effects from mediavps, cause I don't need anything else, for instance. You could even tell it to load, say, bp2-visuals1.vp for the UEF ships (and not have to worry about the tables being loaded too).
However, that might be veering off into dreamworld. Also, it'd be annoying as you say "requires X, Y, and Z to run".