If it feels like an Alberti Cipher it is one!

[Davidsch]

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It is quite easy to prove that the VM is not the product of an Alberti cipher ( or other polyalphabetic cipher).

In essence, this is because such ciphers create pseudo random cover text - they mask the frequency distribution of the plaintext.

But the VM corpus doesn't exhibit that characteristic. Quite the opposite. Instead, glyphs are highly positionally aware within vords.
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If the cipher disk is applied to the entire text you are right, but here are some other possibilities where the ciphered text will show analogies with the VMS text:

For example:

• If  there are multiple keys in the text. 
  
• There are one or more nulls.
  
• The used clear text alphabet is very small.  
  
• The used clear text alphabet contains duplicate letters.
  
• any combination of the above
  

However, I've tested all the above and only a few combinations will result in a VMS similar text.  

Finally the number of possibilities were above 10.000 and although the results were stored, I did not find the time yet to go through the results.
However the automated CHi-squared tests applied showed there are possible candidates, personally I do not believe this will result in anything and honestly I did not even look at the results anymore because of that.

Note that this does not rule out a poly-alphabetical cipher.  If the VMS text is super-ciphered that is still possible.