[TippeX]

honestly, it isn't a good start.. take it from me, i've had years of experience in this, im retired now, but most people know my work.. i spent time reversing vm's (of one particular protection mainly) along with some friends, once done we were able to reverse the vm code back to x86.. once you have that its easier to see the 'true picture' of what the protection does..

imagine it like this, what you have done is essentially dumped the vm tables and handlers, fixed them up, but you have no understanding of what the vm scripts are doing.. so lets say the developers marked a particular bit of code to be vm'ed when the exe was wrapped, and that code did some 'nice checks' (which is evident in some of the newer titles).. if you can't understand the vm code, then your dump will execute that vm script which will then fail, and do unexpected things, which you have to find, and fix.. and well, with it being in the vm script, which is not x86 based it is essentially an entirely new language to learn to crack...

that, put simply is why the method you're taking is crap.. its a short-cut at best to achieve the desired end result, but its far from perfect, and you' understand very little of how the protection works in detail.. and that is a flaw, because as/when (and its happening now) a new version comes along with new tricks etc.. you're right back at square one...