I have to jump on the bandwagon here and agree, ssl is the way to go. Theoretically, the system COULD be setup to encrypt the entries in the database, but I can't imagine it being an advantage or 100% secure. Even with my knowledge of the product/plugin system, it would most likely be a hefty re-working of the code, that probably would require modifying the stock vbulletin files.
Judging from the sound of it, I'm guessing you are selling access to certain areas of the forum? If you could provide an idea of the usage you are looking for, we could probably better answer your questions.
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