C-130 Techie
The Nato AAR Manual ATP-56A states that the KC-130 has a normal max fuel load of 72,000lbs. This is about the same total fuel as a VC10 tanker at max landing weight. So simplisticly (and assuming that C-130 div fuel is much, much less than a VC10) a KC-130 scrambled from alert would provide more instantaneously transferrable fuel than a VC10 that was about to land. The Herc also has better crosswind limits and can use the short runway.
So to answer your question:
Were we just wasting our lives??
Like a lot of other people down there - yes
Seriously though, I think there will always be a requirement to have 2 airframes in theatre capable of reaching S.America for Comp cases, in case one was u/s. Could be 2 Herc tankers though. Perhaps we have found a use for the C Mk 5
Whoosh