You have to plug your bass into the input of the VT Bass, and the output you have to connect to the "effects loop return" of your amp.
This is the only way to bypass the preamp of your Peavey.
"Post EQ effects loop" (while plugging your bass into the input of the combo and place the VT Bass in the effects loop) means you are going:
bass --> preamp Peavey combo --> EQ section Peavey combo --> VT Bass --> poweramp Peavey Combo --> speaker
If you plug the VT Bass directly into the effects loop return you have the following:
bass --> VT Bass --> poweramp Peavey combo --> speaker
(the regular input of your combo and "effects loop send" should not be used, you can look at it as a standalone preamp then "effects loop send" is just the output of the onboard preamp.
plugging a jack into the "effects loop return" then you switch of the link between the internal preamp and poweramp. EQing is in the preamp.) "effects loop return" is the input to the poweramp of your combo.)
edit:
BTW, let me throw a stone.
Did you read the manual of your VT Bass?