To all thread repliers:
Thank you all for your kind comments. I hope you find its usage after installation as much easy as you liked the hack. The "conditionals" might be a little bit confusing especially for newbies, I'm aware of that. But it's really them that makes the hack powerful and highly customizable so all I could do was to supply a good how-to document about them.
If you liked this hack you might want a check these hacks which uses the same conditional power:
Advanced Templates: To design dynamic vb templates with conditionals
WebTemplates: To design non-vb pages which compile data from your vb inside Vb Admin CP(and it has conditional support too)
I really love the power of conditionals so wait for some more hacks from me which is centered around this concept..