Hello guys, my solution to this problem is the following.
I wanted to have an extra option to switch on/off Paypal Logo under Configuration of Virtuemart by going to
Admin Configuration -> Site -> Layout (select theme here eg. Default ) and press the configuration button
* by <theme name> I mean under Joomla! \components\com_virtuemart\themes *
<theme name>\theme.xml inside <params> section add the following code prefferably before the </params> ending tag
<param name="@spacer" type="spacer" default="" label="" description="" />
<param name="paypalLogo" type="radio" default="0" label="Show PayPal Logo?" description="Show paypal logo at the end of index and product detail pages">
<option value="1">Yes</option>
<option value="0">No</option>
</param>
<theme name>\templates\common\shopIndex.tpl.php replace
<?php if( isset($paypalLogo)) : ?>
<div class="vmRecent" style="padding: 10px; text-align: center;">
<?php echo $paypalLogo; ?>
</div>
<?php endif; ?>
with
<div class="vmRecent" style="padding: 10px; text-align: center;">
<?php if( $this->get_cfg ( 'paypalLogo' )) { echo $paypalLogo; } ?>
</div>
<theme name>\templates\product_details\flypage.tpl.php replace
<?php if( isset($paypalLogo)) : ?>
<div align="center">
<?php echo $paypalLogo ?>
</div>
<?php endif;?>
with
<div align="center">
<?php if( $this->get_cfg ( 'paypalLogo' )) { echo $paypalLogo; } ?>
</div>
that's it!
i hope its useful to all of you out there

have fun guys!
Simon Ka.