One of the biggest advantages of the V-Diet is that it's a no-brainer. There are 110 calories per scoop of Low Carb Grow!, that's all you need to remember.
With whole foods, you'd need to do a boatload of measuring and preparing in order to stick within your guidelines. Not to mention, the temptation to cheat will be much stronger.
So, it could technically be "effective" but:
A - It would, by definition, no longer be the V-Diet.
and B - The overall difficulty in sticking to it would be increased.