Actually yes it does.. VTEC does create a larger valve overlap.. it's just not continuously variable like iVTEC is...
the over lap changes between the cam profiles. If you look at VTEC cam gears or pulleys you will see they are not adjustable like the iVTEC or VVTi ones.
thats what i mean. VTEC does not have variable cam timing. VTEC has 2 cam lobes with profiles for each pair of valves on the same cam. Of course the specs will change between the different lobes, that is the point of the technology. But the ECU cannot variate the timing of the cams.