Jon,
I had two vacuflush systems on my 48t. One that came with it, and one that I added after the fact. You must have an integrated vacuum generator and holding tank. They do offer a vacuum generator only option, that would integrate with your existing holding tank (these are the style I had on my boat). The vacuum generator would take up a small fraction of the space the holding tank you describe does. You may want to stick with the vacuflush, and just eliminate the holding tank for a vacuum generator and use your existing holding tank.
In my experience vacuflush are by far the best marine toilet option if you are living aboard (lived aboard for 10yrs) or cruising. No levers to swap to the correct position, no worry about creating a siphon when heeled over. I used to have to coach any guests about how to flush the manual jabsco head I had on my first boat. It got to the point where I would just say "close the lid, and I'll flush it for you".
Fresh water flush is a huge asset if you are stationary (especially if you are in a harbor like I was in Boston where the water wreaks after a while sitting in the bowl). I would have to check, but I believe the spec is 1 pint per flush. The reduction in water means fewer pump-outs when you are pumping into the tank. You could opt for salt water flush as well, but for the small amount of water used I appreciated the lack of stink coming from the bowl. A third option is a valve to select salt water or fresh water flush (so if you were making a long passage you could opt for salt water flush...and if you are in harbor and have access to fresh water you can opt for fresh).
To address your original question, on my prior and current HC, there is a Y valve to direct the toilet either to the holding tank or overboard. A single port on the holding tank leads to a Y connector (not valve) which splits off to the Y valve in one direction and to the pump out deck fitting in the other. In my case(s), there is also a macerator which can be used to evacuate the holding tank. It ties into the overboard via another Y connector off the line leading to the deck fitting for the pump-out (as best I can recall from my couch

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The 43T I just bought has the manual head, I will be swapping it out for a vacuflush system at some point for sure.
Also, in terms of reliability, in 10yrs I never had an issue with either unit (one forward, one aft). As you can imagine, living aboard it got 100x more use than a typical marine head might.