Let me see if I understand this. I buy the VCC from you for 50 BTC and tell you what name and address (possibly fictitious) I want to use. You then issue me the VCC which I can use to register and verify a paypal account. How much money is on this card, or do I pay you however much I want on it in addition to the 50 BTC? In this case, how is the exchange rate determined? In order for the fee of 50 BTC not to be unreasonable, the card would need to be USD 500 or more. This is a lot of trust for someone to place in a new merchant/exchanger.
The VCC contains around $2 needed to do the validation. 50BTC is currently around $15 so you're basically paying $15 to quickly add a made up address to your paypal.
About the only legal thing I can think this might be useful for is if you wanted to say quickly add your work address as a 'verified' address in order to get something shipped to work. If this was really the reason you can just get paypal to mail you a letter to verify the address instead, but I suppose $15 might be worth it for the convenience of instant gratification.
Perhaps it could also be useful if you wanted to buy stuff in say the US from someone who doesn't ship internationally and needed to register the address of someone else who could forward you the goods.
Moving on to what I suspect may be the more common use.. you can probably create paypal accounts using stolen CC details, but then how do you get people to ship the goods to you instead of the address of the stolen CC? well this would work nicely.. just register the address of some nearby foreclosed house using the VCC and ship the stuff there. paypal/ebay will let you bill one card, but ship to the other.