I think a Virgin/Patricks tie up would not be much different from QANTAS and AAE. There is already a Virgin freight component to the company if you look at their website. Freight doesn't have to be core business in a passenger airline, the marginal cost of carrying it utilising spare belly capacity is very low and hence returns very good.
Virgin to carry the belly in thier nice new aircraft pretty much like QANTAS and Patricks to operate the old low utilisation freighters for which the economics don't work with new equipment like AAE( or contractor).
However, I'm with you. my money is on NJS as this is what AAE wants.