The challenge with the VSG25A is keeping your signal to <=2048 repeating I/Q samples. There's no reason you couldn't have 2 to 8 QPSK channels if they're ideally spaced and playing a short repeating sequence (Maybe 16-64 symbols would be a maximum). The VSG60 or VSG200 could handle much more complex (and arbitrarily longer) sequences, but 40 MHz of bandwidth is all you get.
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