Skybullit,
I've just been through my old 767 manual to make sure I'm giving you the correct information! It's been 6 years since I flew one...
OK Here's the deal. When you push the V/S switch, the pitch mode will command the vertical speed you select. Normally, the autothrottle will command the selected MCP speed - BUT there are some provisos:
1. If you select V/S from VNAV or FLCH, then the A/T will automatically engage in SPD mode if armed. In the case of the V1 cut, you are in THR HOLD or ARM mode, so SPD mode will not engage in this case (thrust levers are still yours).
2. V/S has speed control (in the case above), but NO SPEED PROTECTION. This means if you command 6000 fpm UP, it will do everything it can to achieve that and eventually stall. If you command 6000 fpm DOWN you will overspeed, there is no reversion to protection modes. Not an issue for the ANA sim so don't worry about it.
Check your PM's.
Rgds