Sort of... You can change the space between desktops with VWMDeskSpacing to make it so, eg, maximized windows won't cover that space. But windows dragged part way off screen to span that space will still cover it. It's also a bit awkward, since it's in screen space rather than miniwindow space.

You should be able to cover that up too, though, by breaking the image up into pieces and having another module keep the other half either always above or always below (and using VWMLayers to put back above win) rabidvwm.