Some clarification:
1) Corona Renderer currently supports only the VrayMtl, VrayLight and VrayVolumeGrid.
See:
https://coronarenderer.freshdesk.com/support/solutions/articles/12000046990If there is a VrayLight or VrayMtl in the scene you are opening, it will render, even if V-Ray is not installed. But only that.
2) "all sorts of Vray errors" - it would help if you showed the actual errors you are getting :)
3) If you do not have Vray installed, you may not be able to open a scene, but you should be able to merge it into an empty one.
4) Red (unsupported) materials mean that they cannot be "read" by Corona. You may be able to convert them using the converter script, but you need V-Ray installed for this.
5) The current implementation of V-Ray support is just the beginning. We are planning to improve this, so the assets could be fully exchangeable between the two render engines without any need for conversion, and with having only one if them installed.
Suggested solution: install V-Ray demo (it can be even an expired demo license), and then use the Converter Script.