The "problem" is one (the Velotron) measures power at the wheel and the other (the iCranks) measures power at the crank arm. So, to do a calibration requires making some assumptions regarding chain and bearing losses. The fact that the two files are not the same is not evidence that they are not both accurate (unless, of course, the Velotron's power is higher than the iCranks, which it wasn't). Anyhow, I did something like your suggestion but it isn't necessary to do 15 minutes because in ergometer mode the VT maintains a set power quite closely so all one need do is set the iCranks smoothing to something long and see where it settles out. I did this at various crank lengths to see if I could determine a compensation factor for the different crank lengths. I did this down to 145mm (see chart).
The iCranks are supposedly calibrated for 172.5 crank length so it looks like I am seeing about 10W chain/bearing loss in VT at this power. Note the calibration curve is not a straight line because the strain gauges are not located at the hub of the cranks.
My estimate of 40% low for 125-130 is based upon the further drop I saw compared to my average power for my usual training rides that I had been doing at 145 mm crank length (avg power for rides was typically within 2-3 watts day after day) without doing the whole calibration thing again.