Yes and no.
If you have a 512MB or 1GB mSD card and you format it to FAT32, the EverSD will be usable with the VS.
That said, since VS hasn't been hacked, the card must be setup the same way a retail game cart would be. This means you don't have full blown Retroarch support and are limited to the emulation supported out of the box by the VS. You can, however supply your own games and in as large of a quantity as you can fit on the tiny cards. I had posted a few videos a while back of using EverSD on the VS and also showing off the retail namco carts working on VS as well.