Well, I'm not the expert, but as far as I understand the HRD information is there to inform the decoder what vbv parameters were chosen by the encoder.
It's certainly possible to encode a stream using VBV without signaling NAL HRD or VCL HRD, but this may not work with all decoders. I think this is why Telestream inherently links the two options. I actually think this is a good idea, but again I'm not the expert.
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These are all my personal statements, not those of my employer :)
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