/etc/conf.d/vdr allows you to set the home directory of vdr by the variable VIDEO=.... But /etc/init.d/vdr ignores this setting and uses /var/vdr anytime.
The init-script of vdr gives the content of the variable VIDEO as option --video to the vdr-process. This is the directory where vdr stores the recordings. I would not call this ignoring. What you mean is that the home-directory of vdr is hardcoded to /var/vdr, yes that is right, but what is the problem with this? There is no data vdr itself stores there regularly.
I wasn't aware that vdr_home and VIDEO are completely independent, sorry. Please close or better delete this bug report.
No need to change anything as requested function is controlled by setting VIDEO and not vdr_home.