If I'm running the Steam version of VA, shouldn't the activation / licensing be associated with my Steam account, as opposed to my Windows user?
Using either my regular user account or my admin account I can login to my Steam account and see my Steam library (AV included). From an AV licensing perspective, it shouldn't matter which Windows account launched the Steam client.
As you said, I would expect that the only reason admin priv would be necessary was for VAICOM to talk to DCS -- which is my use case. All the docs for VAICOM re: DCS say to run VA as admin (for whatever reason) ... and, per my testing, it does appear to be the case that, if I don't run VA as admin, VAICOM can't talk to DCS -- even though DCS isn't running with admin priv.
I'm running the non-Steam DCS-OB ... and, given the complications I'm seeing, I should probably have gotten the non-Steam version of VA.