Here's my two pennethworth...
Higher VI is a good thing. Higher VII is generally a bad thing, not just because of shearing but because directionally pistons get dirtier, the more VII you have.
VI, whether you get it from better base oil or more VII polymer, increases the wider the viscosity grade (ie VI increases as you move from 5W20 -> 5W30 -> 5W40 etc)
For any given viscosity grade, the higher the VI of the base oils you use, the lower will be the Noack of the finished oil. Conversely, for a given viscosity grade, the more VII you include, the higher the Noack will be.
It's not exactly true (because of the variations in J-300) but all things being equal, oils with a similar cross-grade spread will have similar VIs (ie a 5W20 will be similar to a 10W30 which will be similar to a 15W40)
In oil design, VI is a floating parameter. You get what you get because other parameters a fixed. VI is calculated from KV40 and KV100 but oils are generally defined by their high temperature viscosity (either KV100 or HTHS) and low temperature viscosity (CCS).
VI tends not to be massively impacted by the type of VII polymer you use (high SSI or low SSI or by OCP or Hydrogenated Styrene-Butadiene/Iso-prene). The one exception to this rule is PMA which, for a given KV100 & CCS, will always give you a lower KV40, and consequently a higher VI, than other VII types.