I think the dedicated frequency for Victor 1 is a good idea.
Broadcasts that I've heard on 120.8 have certainly alerted me to conflicting traffic that I probably wouldn't have spotted until the last moment.
Use of landing lights is also helpful - especially on hazy days.
I think similar procedures should apply to the light aircraft lane, i.e. a dedicated frequency with mandatory broadcasts when entering or crossing.
In the meantime I'll just keep monitoring Sydney Radar while using the lane - at least that way I might get to hear about IFR traffic in potential conflict.