I like this idea a lot better than the other two-player proposal. Initially, I was worried that letting all these people have VHLM players would make it harder for the noobs to be successful, but the 30 tpe cap a season and 120 tpe overall cap after 3 seasons still lets noobs on the first players have an advantage.
If I am reading this right, you do the normal tpe earning for your uncapped player, then you have to write the occasional extra media spot on the side in order to earn tpe for your capped player? I think the capped player should have to do Point tasks to get his tpe instead of welfare, because the whole point of the capped player is giving people more things to do on here. This would make the VHLM more active, give people more things to do, and avoid having two players in the VHL at once. Initially it seems confusing, but after reading this through a second time it seems simple enough.