If anyone thinks Virgin chose to end the Toll contract to spend yet more money establishing a cargo division they are kidding themselves. Qantas would have been the cheaper option for Toll, hence the end of the agreement.
Cargo isn't like their normal self loading freight - how is it going to get to and from the aircraft? You need a total transport solution, so unless they partner with someone like DHL I can't see it being very effective. What other big players are left in the market since TNT, Aust Post and Toll are all now being flown by Qantas?