First, be aware that older vinyl flooring often had a layer of asbestos, so tearing it up without first testing it can pose a risk. I had vinyl flooring that I knew contained asbestos and it was installed on concrete, so I couldn't nail down new underlayment. The vinyl was deeply embossed, so the installers troweled on a leveling coat, and then laid the new vinyl down. It adhered fine and there was no telegraphing of the old pattern through to the new surface. As long as your existing vinyl is down tight, this should work fine for you.

Hi Kudzo9, Thanks! Similar answer over at the flooring forum. I appreciate the reassurance as I dont want to advise them on going forward if it isn't a good idea. The house is late eighties, so should have no asbestos concerns. I'll hit up some floor covering outfits for the skim coat material as the only other game in town is H.D. and I dont know that they would carry it. Thanks again!

sierraeast-
I agree it's a good idea to get the product from a professional outfit. I can't remember the name of the product my guys used, but it troweled on beautifully and was fully set within a couple of hours. We waited until the next morning, though to spread adhesive and lay down the new vinyl. Good luck.

Thanks again, have great holidays!