I think all the previous owners of your VX took pretty good care of it, so unless you're feeling or hearing some strange noises coming from the front end I'm sure you could get away with just repacking your old bearings.

When I replaced my rotors I went with SP Performance drilled and slotted rotors and haven't had any problems with them. I don't have any experience with the R1's, but I've heard good things from everyone here. I don't think any of us will push the brakes to the point of actually needing drilled and/or slotted rotors so it's mostly an aesthetic choice. Since you've decided to spend the money on stock pads, could you just have your stock rotors turned to save a few bucks there?