I use my 119 for all kinds of things from batoning, light chopping and lots of cutting (everything from wood, plastics, zipties, rope, ect). As everyone says, 420HC is easy to get razor sharp.
I do nick the knife quite a bit though, about every 3rd time of hard usage, and end up re-profiling it on the Lansky. In truth, I've often wondered what a super steel would be like on this knife. However, I agree with others that the steel is great for the price. Afterall, I wouldn't have this knife if it cost 2-3 times more than it did when I bought it. So basically, I am a happy customer and love this knife in 420HC. It has lived up to my expectations and because of the ease with which it sharpens up, I always re-sharpen it the same night of usage. In otherwords, the knife is never dull.
The Vanguard would be a great sized knife. For its size and my impressions of what this blade would be used for I would suggest that 420HC would be quite appropriate. Don't care for the black coated blade of the S30V sold by Cabellas' myself, but the steel would be interesting to experiment with. If you haven't had a lot of experience sharpening knives, then 420HC would be much easier to learn on.
Good luck with your decision!