That definition seems to bode well for you, but I'd probably want to ask the regulars here who fly your airline. (Does VN have a forum here?) I can see this answer varying somewhat by airline and computer system.

I've done this exact thing on AA a few times over the years and never had an issue. If I was checking a bag, they'd just check it to the end destination as if I was on one PNR. I can't recall having a misconnect...or at least not one in severe WX where it wasn't easy to just get confirmed on the next flight without any hassle. In most years, I have the benefit of both status (albeit a low one) and lounge access. I'd be less enthusiastic about doing this on an airline where I held no status.