Just be sure to check the Veloctity earning tables; cheap fares on SQ metal (even booked with a VA flight number) don't all earn Velocity points. I think the same is true for *A partners of SQ like United. It's usually not easy to tell what fare class you're getting when you book a ticket on VA, to make things more difficult.

I agree that this is a case where the routing is so much better and operated by a very good airline (SQ) that it's hard to justify using miles, even with the creative routing via DPS.