Did you mean to say you understood the concept of VDOT?
In your important question, we would first need to clarify what you mean by "relatively low", and "very high"? The obvious answer is if "very high" is high enough, and "relatively low" is not too low, then yes. Otherwise, no.
Whether high or low values of measured VO2max are accurate depend on those measurements, not VDOT tables. Finding your VDOT doesn't require measuring oxygen, (it's a function of time and speed) so says nothing about VO2max or economy, alone. No one can infer that low VDOTs have superior economy because you are missing crucial input data about oxygen. That makes your question, and faulty speculation moot. You could infer, that for similiar race times, low measured VO2maxes are coupled with high economies, but that's a separate discussion than one about the VDOT tables, of which you want to be so critical.
BTW, elite runners can only have high VDOTs.
But I'm wondering, what can it possibly mean that the VDOT index numbers are wrong? There's some amibiguity, because the purpose is not stated. Do you mean they are bad estimates for VO2max? Of course, economy is the fudge factor that explains the difference between a curve fit calculation, and a laboratory measurement. Do you mean they misapplied their algorithms to the original data, and drew invalid conclusions from invalid calculations? Or maybe you mean, that since the curve was fit in 1979, when the 5K record was 13:08 (VDOT of 81), that the curve fit might diverge significantly at 85, and needs to be refit with new data.
Why does mapping an arbitrary index of 80 to 12:37 make more sense to you than an index of 85? Did you take the original data and re-apply the algorithms as described to come up with lower values? Or are you using some brown-tinged benchmark to gauge the accuracy?
It would make more sense to ask your questions, if you stuck to measured VO2max and economy values. Why are you trying to link these kinds of questions to criticisms about VDOT tables?