Greubel,
For HLS, you should just set the BrightScript bandwidth to zero as you are doing. However, the BANDWIDTH parameter in the .m3u8 file is used to calculate the amount of pre-buffering required. For faster startup, you could have multiple playlists at different bandwidths. The Roku calulates the amount of prebuffer required for each bandwidth. It can start playing the low bandwidth playlist much sooner as there is less prebuffer to do. The Roku will do this and work it's way up to the highest bandwidth stream it can play.
Does VLC do range requests on http?? I don't know... but range requests are required by Roku.
The encoding guide does not include settings for VLC, but does go through what are good settings for the Roku and you can probably translate much of the Inlet setup to VLC.
--Kevin