I am a firm believer of mixing your own fuel and ditching the VRO. Another issue that can arise is the rubber oil lines becoming aged and brittle, and breaking. I had a 70 mercury that I bought for next to nothing because of this issue and had to rebuild it.
Basically, when they work, they work great and generally give no trouble at all. By the off chance that they do fail, the result is a blown motor. The risk is simply to great to rely on something you can totally bypass and do yourself.
You will hear opinions either way, and this is only my opinion, but the small risk of big damage far outweighs the ease of using the VRO.