Possibly!
If the traffic lanes are clogged, it can take the inter-terminal bus (circular route) 30 mins to make that journey. If you are slow through customs as well ... then it might be tight. There is really no way of telling.
Baggage: No, as you have to clear customs. I don't know of a way around this but others might.
By the way, the short form of Virgin Atlantic Airways is their flight code: VS. So confusing that the topic was debated here the other week. Now, back to business.
This is the
official JFK site Look for Getting Around the Airport and then the Map of the Central Area.
As the bus starts at T1 and finishes at T9, if the roads are bad - you might want to try walking across. I HAVE NOT DONE THIS!!!! I'm sure some of the other regulars will be along soon.
Unless their inter-forum bus has got clogged by too many posts. 