I set quicklaunch to the camera button, thinking I wouldn't be able to use it for the camera, but it turns out when I open the camera, it does work for taking pictures. Then I can set the vlingo app to the voice key. Not sure if that helps, but it works well for me.
If you go into the Vlingo options when you open the app, one of the options is called "Voice Key Active"... you can set it to just work when the application is open. That way, you can set the voice key to some other phone function, but it will still work with Vlingo when you open the application. If you set it to only work with the app open, you just open up the app and start using the voice key for Vlingo.
This is the best way I have found you can add quicklaunch to menu options so you willl not need a convenience key for it. then Vlingo on a convenience key works best as far as what I can do!
in the quicklaunch options if you set the left and right buttons to select (once inside of quicklaunch). you can then set the camera as the first option and then instead of clicking the right con key once you can click it twice to open the camera.
this leaves your left con key for vlingo.
oh btw, I just found a better free alternative to vlingo in appworld called tellme. even the texts are free. sweet!