I suggest changing your workflow. Do all your work in virtual machines. Each virtual machine is one project. So switching between projects means, switching virtual machines. This is what I've been doing for over 10 years now and I'm a more sane person because of it. I still use VIPM because it's the quickest way to install a bunch of tools for a project. But after my tools and libraries are installed. I'm done.
When I worked at JKI (a year and a half ago), I was involved with VIPM product management and development on a daily basis. At the time, I considered many new features. Allowing installation of packages inside custom project directories was on the roadmap. Mainly because, as a product manager. You do product marketing. It's what you do. And the product marketing told me that a growing number of customers wanted this. The trick is. How do you expose these two different workflows in your product? On the one hand, you install in this global location. And on the other, you install under a project folder. How about a combination of both? How is this information presented to the end user and how do you make sense of it all? And this is just the tip of the iceberg. There are several other consequences that ripple out from this, that I won't get into.
When VIPM came out over a decade ago, only a few in the minority knew what reuse meant in the context of LabVIEW. Some would argue that people still don't know how to do reuse in LabVIEW. So VIPM not only had to survive as a product but also JKI had to educate the population on how to do reuse. In this context, it was best to keep a single workflow and be consistent:
Reuse libraries start off as source code. Which can use any SCC technology. You do a "build" of the reuse library into a package. You install the packaged VIs into LabVIEW
You use (link to) the installed VIs in your project source. Which also uses SCC.
In order to change the reuse library, you must go back to step 1. Make a change, commit to SCC and then go to step 2, etc.
It works. It really does. Whether you like it or not, is a different story.
VIPM works the way it does because LabVIEW works the way it does. All of the VI libraries and add-ons that install with LabVIEW are beneath LabVIEW. If you open a VI, it automatically links to stuff beneath LabVIEW. For a newbie, this is great. But for someone who wants strict control of their code, this is a nightmare. VIPM provides a solution within this existing operating framework and does a great job. VIPM promotes and encourages the guidelines set forth by NI.
As Rolf mentioned. LabVIEW projects (folder of VIs) now work in the context of LVPROJ and LVLIB files. This has fundamentally changed the world that VIPM works within. Over the years VIPM has adapted to this change. But even with these changes. The fundamental concept of reuse libraries has remained unchanged within LabVIEW. You can't "install" VI-based libraries in different project contexts.
So in addition to asking for a VIPM alternative. You should also be asking NI to change how LabVIEW handles reuse code.
PS: It's nice to see discussions have finally shifted from. Why should we do reuse? to How can we do reuse better?