I've tried the same thing with a Pro-Ject phono preamp, and it sounded OK, actually even good. It just meant I had to turn the following preamp down 10-15 dB less. I didn't keep that configuration though due to potential for adding distortion.   

So generally speaking, the biggest danger is overloading the phono pre's input causing distortion. I suppose there could be a possibility of physical damage depending on the mm cartridge's output and the robustness of a particular phono preamp's input components. I don't know the particulars of the v-lps, and in fact I have not found it easy to find maximum input and output figures on many phono pre's.

Lastly, if the phono preamp is able to completely amplify a high mm catridge signal though the phono preamp's mc circuit, and provide the full signal via its output, then you may face the same issues in the next component in the chain.

I also have the V-LPS.

The output of most MM cartridges will be high enough to overload the MC input and this will cause significant distortion. It is unlikely to cause any permanent damage, but there is no reason that anyone would want to do it.

Connect a MM cartridge to the MM input.

Some high-output MC cartridges should also be connected to the MM input to prevent distortion.

Thankyou for the responses guys!

-Scott