I've tried changing the Info.plist to point towards a bash script which runs the executable with the parameters that I want. This doesn't seem to work even though when I invoke it from Terminal.app with the same parameters the tests check out.
If it matters, this is 10.5 with VLC 2.0.3.
I also have a 10.8 machine with VLC 2.0.6, and was hoping for a method that wouldn't get blown away every time I upgrade VLC. On that machine I've tried to use Platypus, but it fails to have any effect either (VLC opens up, but doesn't seem to open with the correct arguments).