Don't think of velocity, density, Mach, and Reynolds as things that are connected in the way they really are.
In a potential flow code, things are a bit different.
Traditional simple potential flow codes model inviscid and incompressible flow. Pressure, force, and moment data is all output in coefficient form. Because of all this, the velocity does not matter. It is often taken to be 1.0 -- and often is not even a user controlled input.
When you add a compressibility correction to the potential flow equations, you introduce the Mach number -- but it does not have the same role as the velocity. You linearize the equations about the freestream Mach - and that is it. You can set Mach to 0.5 and still have velocity not matter. Think of Mach as a knob that controls the influence of compressibility.
Next, when you add some sort of viscous model, you introduce the Reynolds number -- but it is not really linked to viscosity, density, velocity, etc. It can be set separately and it then goes into just the places where viscous effects are important.
So, each of these terms is introduced to help capture some additional physics -- they don't have to play their fully coupled role.
Velocity in VSPAERO is mostly there for unsteady flow. Whether your model has rotating blades or you are doing an unsteady roll/pitch/yaw analysis, you need the forward velocity to relate the unsteady motion to the steady motion in the units of the model.
VSPAERO has Reference quantities for Velocity and Mach to allow static / hover analysis of rotating blades. In those cases, the Velocity and Mach is zero, but you still want to compute coefficients (V^2 in the denominator) that don't blow up. So, you will probably pick the rotational tip speed and Mach number as Vref and Mref.
Density is the most tricky one in VSPAERO. I believe it is only used in the actuator disk calculation as it is needed to convert the thrust and power coefficients input into dimensional forces and to calculate the velocity field induced by the actuator disk.
VSPAERO will work with any units - so long as you are consistent. This is easiest with ft, lbf, slug, s. Pretty easy with m, N, kg, s. More complex for inch or cm or anything else.
Rob