I just picked up a VTG-120 combo on Craigslist, and went looking online for information about it and found this thread. I think it must have been a dedicated bass rig, because it doesn't have the reverb / tremelo dials on the second channel inputs, but since I'm using it for bass, that's fine. I followed Mr. SpankyPants' suggestion of patching the two channels together and am getting fantastic tone out of it.
One thing I notice, though, is that I have to have my active pickups completely shut off, otherwise I get a woofy slapback sound or some pops and crackling if I hit a note too hot. Because this amp is so bright and present, it still sounds fine with the active pickups off. I just had the wiring in my instrument redone, so I don't think it's on the input side, just wondering if anyone else has run into this issue.