Help us help you. By posting the year, make, model and engine near the beginning of your help request, followed by the symptoms (no start, high idle, misfire etc.) Along with any prevalent Diagnostic Trouble Codes, aka DTCs, other forum members will be able to help you get to a solution more quickly and easily!
Has anyone ever experienced ... or am I going crazy?
I have not seen this specifically related to VVT exactly, but it is not uncommon for a cat efficiency code to set alongside a problem that effects the air fuel ratio, like with a misfire, rich condition etc. Fix the mixture and fix the cat code.
BMW/MINI VVT is called valvetronic. I was chasing a P0420 code for a while. What really threw me for a loop was when I performed an O2 storage test and it passed. Downstream O2 sensor running at about 720 mV. I cleared the codes, but the P0420 returned. So I performed another O2 storage test; it failed the 2d time. I installed a new Cat under warranty; and cleared the code. The P0420 returned 688 miles later. I cleared the code. Shortly thereafter, I got a DTC for the valvetronic servomotor. After checking power and ground, I replaced the motor. Now I've got 2200 miles on the car, and no DTCs have returned ... same Cat, same downstream O2 sensor. The only thing I can think of was that a problem with the variable valve lift servo motor was intermittently allowing too much or too little air to enter the intake. It's weird for sure because every time I checked the fuel trims they were perfect.
I have seen a dirty MAF cause a false P0420 on a Toyota. Super lean trims, loss of power. No lean or miss codes, but it'd happily set a cat code. Never really figured out how the ECM screwed that call up so badly...