I am guessing that the problem of the camera not allowing both full video streaming to VDV and letting Guest accounts access the camera to obtain snapshots might be more of a problem with the camera. I have a TrendNET camera that I can access via VDV and simultaneously view the same video with another PC on my LAN, but they both have to be doing full video. If one connection changes the settings of the camera, the other PC sees the changes. It seems to be that the camera has one place to look for how to produce an output and everybody gets that mode, no matter what each program wants/needs... Last guy in sets the mode for everybody.
As for VDV disconnecting from the camera and then not being able to reconnect to it. I used to have a big problem with that with all 3 of my WEBCAMs and 1 NETCAM. Although it did happen a couple of times just moments after I started with a fresh install of VDV, it was usually something that became a problem only after VDV became busy with deleting old videos from the HDD, which was after about a month of data from all the cameras. I had VDV set to save all video for 99 days, and that was much more than the HDD could possibly hold, so it was doing clean up to make room for more video. It was like one of them sent a data packet and the other missed it, so they were both stuck waiting for something from the other one. They seemed to be miffed at each other and the only way to make them kiss and make up was to reboot. But just rebooting didn't reduce the frequency with which it occurred.
I found it necessary once per month to delete all the data, do a complete un-install of DVD, then re-install it, define the cameras again and turn it loose. This became a very simple 10 to 20 minute task for me (I didn't even have to refer to my notes to remember what brand/model of camera was in which window!

)
Then I began to have all kinds of problems with the computer, not just VDV, but running Notepad was problematic along with a random "Blue Screen of Death" at times. So I decided that a Laptop is just not designed for 24/7 operation in a high computing use enviroment (VDV is a BUSY program!) I replaced the Laptop with a tower PC and nearly all the problems went away. I have not seen a WEBCAM disconnect since going to the new PC. But I still see the NETCAM disconnect randomly, but so far it reconnects in a few seconds and all is well. I know I have filled the HDD and that VDV is busy cleaning space often, but that does not seem to be a problem now. I did have a problem with the NETCAM where it began to refuse other connections and I found that it needs to have power cycled on it after a couple of months and other connections are again accepted and the random disconnects occur less often.
Granted, I went from a Triple Core to a Quad Core, but I also added two more WEBCAMs.
What model of Panasonic camera are you using? Also, what PC/MAC are you using and which operating system? And how much memory (RAM) and disk space is available? Is the computer required to do other things beside run VDV?