I'm currently building a tool for facilitating VMT creation in the blender workflow. I call it BlenderVertexLitGeneric (BVLG) because what it does is implement a VertexLitGeneric-like shader in blender allowing for quasi-native compatibility.

I think this could be cool thing to add to BST but of course I'm not demanding or even expecting anything.
if you want to check it out I've created a page for it on the dev site
At this point it's good enough that I feel comfortable putting it out there but it definitely needs some more work.

The long term goal would be to make it into an addon that could directly bake to VMT and combine VTF alphas so content creators don't have to worry about it. Idealy make it a higher level of abstraction to make it look cleaner