Victor Foxtrot came from their VF flight number prefix, which in turn, of course, came from Vehicle Ferry.
The livery dewcribed was how they were delivered from BA storage at Cardiff, where they had been "de-decaled". If I recall correctly BAF was one of those companies who worked through significantly different and sometimes garish company standard liveries quite quickly. Always seems a bit strange for companies who specialise in wet leasing for others to have strikingly different colour schemes of their own rather than something plain and neutral.