This unit is essentially a surge protection module to protect the engine ECM from a high voltage condition, usually caused by a problem with a charging alternator or battery charger.
You can bypass it, but if you haven't corrected the root cause of the problem that cause the VLPM to fail, then you will likely fail the ECM.
From an older manual I have that may be helpful,
Voltage Load Protection Module (VLPM)
The VLPM is designed to protect the FIP ECM from high voltage hits e.g. charge alternator over charging or a voltage spike from a booster pack. If the maximum allowed voltage is reached the vlpm will shut fuel pump supply shutting the engine down.
This module has 4 cables going into it.
In 12V systems, the colours are Red, Orange, Light Blue and Black. Maximum 18 volts
In 24V systems the cables are Red, White, Brown and Black. Maximum 32 volts.
Two of the connections come from the machine interface connector (MIC) - the red (+) and black (-) wires.
The other two supply the VP30 injection pump with a live and earth - the orange (+) and light blue (-) wires.
MikeL