Jackie Speel has sent me a note, regarding her suggestion that the VM might be a puzzle book, in the vein of Kit Williams’ Masquerade or Mike Wilks’ The Ultimate Alphabet.
I’m moderately unconvinced that this is the answer, but Jackie has also pointed me to two wikis she maintains, namely the Voynich manuscript Wiki and Voynich Wiki. I have not yet had time to look deeper into those two wikis, but at a first glance, they seem to contain quite an amount of compiled information. Check it out!
Thoughts about the Voynich Manuscript 