The password can not be bypassed -- not even by WD.
The drive can not be easily read even if you take it out of the enclosure, whether there's a password on it or not.
Sure, someone with access to a billion-dollar supercomputer might crack the encryption through sufficient brute-force attacks, but Joe BadGuy doesn't have the time or the resources to crack the encryption, whether there's a password or not.
To anyone without the password, the drive is useless, even with the VCD present and working. Disabling the VCD doesn't make the drive any more secure... someone could just re-enable it to access the unlocker.
Choosing a strong password is always a good idea, tho