There is indeed. That's what I'm experimenting with right now.
In the I/O setup create two 5.1 busses. Call one VEP REDIRECT(or VEPR) and the other MUSIC MASTER (if you want to be just like me). Under the VEP Redirect create four sub-paths, make the first two stereo and the second two mono, then for VEPR-Stereo put LR in the first two slots (under LC), for VEPR-Surs puts LR under last two slots (Rs,Lfe), for VEPR-C put M in slot 3 (under R) and for VEPR LFE put M in slot 4 (under Ls). It sounds difficult when you write it down, but it is really quite simple.
Under MUSIC MASTER create the same two stereo and two mono sub-paths. Put these in the correct positions (i.e. Stereo in slots 1 and 3).
Now, in your session, create two stereo and two mono auxes, make them solo safe. In the first one make VEPR Stereo the input and MUSIC MASTER Stereo the output, same for surrounds, center and sub. Now you can hide these and not think about them.
When you create a 5.1 AUX for the VE Pro plugin set the output to VEP REDIRECT. Create another 5.1 Aux and have its input as MUSIC MASTER and its output to your speakers. Voila!
Two other bugs I've found and reported elsewhere -- you can only get channels 1-6 into ProTools; 7-12 show up in the input list but cannot be selected. Second, there doesn't seem to be any LFE information coming from VE Pro. For my contrabass into the subwoofer I had to create a stereo instance of VE Pro and put the bass in that one.