VL's where great in there time, the main issue was the oiling system. When harley came out with the recirc system in late 36, it made the total loss system obsolete. Some say they suck, some say there great. Just a matter of opinion. I like them myself, & half the price of a UL. You just have to know what its capable of & its limitations.
Your VL will work with any 4 speed trans as long as it has the short mainshaft(36-64) .If you are building the trans on a 65 or later case you will also have to cut the inner primary mounts off the trans case.The VL engine works just fine.Properly set up your oil mileage should be 150-200 miles per quart.I have owned panheads that did worse than that
I have 34 VL That was my daily rider for a few years in my youth.Rode it to work everyday and would go to all the harley events (frog jumps.redwood run ect) Would just carry oil with me , the motor would wet sump every now and then no matter how the oil pump was adjusted, theres a dump on the primary side.Would eat condensers would just carried extras. I think there very good machines and look vintage also