No text, but a visual code

[Hermes777]

I agree with your analysis. I don't know how what I think is an astronomical coordinate system works. I do have a hypothesis as to why the script is structured as a running text.

The reason may be to pretend to be a language of knowledge, such as Greek, Arabic or Hebrew at the time. At the beginning of the fifteenth century the Greek language was beginning to be recovered by the educated people of the West. I guess very few college students could read Greek, much less Arabic or Hebrew. In astronomical-astrological matters, these languages were the predominant ones.

I think that in the VM there is that intention to create something similar to a language of wisdom.

Rather than a wisdom language, Antonio, I have another suggestion which is a key part of my general hypothesis about the manuscript. I have written it up here:

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So what the vords are pretending to be is not Greek or Arabic etc. but literally the language of the nymphs. 

(My position on this is similar to yours, but I think there is more involved in the vords than just astronomical coordinates because I detect the more complex systems of Ramon Llull.)