I doubt that the whole thing would build from within the official Maemo infrastructure. The VLC build system requires network access to fetch external sources. This is fixable, but it needs tedious work.

On top of that, VLC needs python-xcbgen. In the current Fremantle SDK, python-xcbgen is only available as source code and needs to be built and installed manually. So it's impossible to fill the VLC build-dependencies as is with the public Fremantle SDK. Again, this could be worked around, but it takes time.

Last and most importantly, I have to question the value of submitting to Extras a package that does not have a user interface. You can really only use it from the OSSO terminal at the moment. The old N8x0 Hildon UI partially works, but it's ugly, buggy, limited and unfriendly. The normal Qt4 somehow get stuck during the startup. This seems like a bug in the Qt4 run-time. Due to this bug, I do not know how usable the normal VLC Qt4 UI would be on N900.

It's a fairly general problem with VLC that it's ported to a bunch of portable systems (iPAQ, QNX, WinCE were done before by other people), but nobody ever bothers to write a user interface I'm sorry but I have limited time and no expertise in UI design myself.