Too-bad the YMC (Yamaha Motor Corp.) never decided to do an upgrade like sportbike manufacturers were doing about the same time the VMax was released. I think Kawasaki was the 1st to offer an aluminum frame on their 600 sportbike in 1986, you could still buy the steel-framed bike @ the same time, but like Ducati, another same-displacement version was avail. For those who had deeper-pockets & wanted premium wheels, lighter bodywork, better suspension (Ducati's "SP" line) & etc, all for a healthy bump-upwards in price. W/some parts-bin engineering, a few well-chosen new pieces like an aluminum frame, & using existing tooling and ingenuity YMC could have had two markets-the stock, less-expensive route, and a premium brand for the $$$-up enthusiast who wants something better, more-exclusive, and better-performing.
Just by cutting weight by 20% and going to fuel injection you would have a very real, noticeable difference in performance, less maintenance, and a new revenue stream for those willing to speak w/their cash. 500 lbs. fully-fueled & 135 h.p.instead of the rear-wheel 110-115 h.p. of the stocker would make a big difference. After all, Kawasaki had digital fuel injection for their GPZ1100 years before the VMax was released, I think one of their KZ 1000's also was fuel-injected, the shaft-drive touring-oriented one before the liquid-cooled 900's & 1000's. And there was precedent @ about the same time in Yamaha's sports bikes. The FZ750 was upstaged by the FZR 750 w/it's aluminum frame instead of the FZ's steel, & the FZR was lighter & came w/a 6-speed gearbox, lighter hollow Marvic-copy aluminum wheels, better aeros & suspension (Ohlins!), etc as it was designed to be a basis for their Superbike AMA racer.
A bike like that premium-design VMax would probably have been capable of running mid/high 10's in the 1/4 mi. & w/o Jay Gleason behind the handlebars.
Well, it didn't happen, and this has been discussed before, but a guy can dream, right?