I've owned the V-Collection for years now, just picked up the Analog Lab (w/ minilab). I'm here to report on the editing capabilities, in case anyone is interested in how it works.
When you have a preset from a certain instrument selected, you can edit any parameter of that preset using a pop-up window of that vintage synth (It opens like an Audio Unit or VST would open). Something I've ALWAYS wondered about is if you can open your standalone instrument presets in the Analog Lab. The answer is yes. In the instrument edit window, you can select any preset that exists in the standalone version of your synth, then save it as an Analog Lab preset.
I guess this would be cumbersome if you have a lot of custom presets from the standalone versions, but it works.