open your smd in a texteditor and look if the texture name is correct.. thats also a simple way to change the texture name after export with "search and replace with" but be sure.. I had numerous times overseen a very simple miss match in texture names .. :poly142:
Sorry, I don't use Vray. But you can change the property names in line 22 and 23 to the vray property names. To find the Vray property names you can probably select one object with a vray material and run this command: show $.material
you can name your HP meshes and LP correctly. after that choose "Match by mesh name". Name matching allow to filter the bakers to avoid mesh detection other than with specific meshes. Example : * body_low matches with body_high * head_low matches with head_high