This is a myth..."Refresh rates don't matter on an LCD or on DVI"
The vertical refresh rate on an LCD dictates how many frames it can display per second at maximum.
ViewSonic VA1912wb
MaxRes: 1440x900
Fh: 30~82kHz, Fv: 50~85Hz
VertHz=HorizHz/HorizLines * 0.95
VertHz=82000/900 * 0.95
VertHz=86.55 Hz (Fv capped->85 Hz)
Your LCD should be able to run up to 85 Hz (vertical frequency). However be aware that running that high just puts more stress on the electronics. You could notice more response time artifacts as well if your monitor doesn't have an "overdrive look-up table" for that refresh rate (for syncing to the crystals).
This is what happens there:
http://www.xbitlabs.com/articles/other/display/response-compensation_13.html
http://www.tftcentral.co.uk/articles/overdrive_at_75hz.htm
For DVI, the maximum limit is 165 MHz (that's if the video card's TMDS transmitter is fully compliant and all).
1440x900x85 Hz = 110.160000 MHz
Looks like you're fine on that aspect. With VGA, quality will just decrease. I recommend you set it at 75 Hz just to avoid stressing the electronics at 85 Hz but 75 Hz should definitely be fine. But your monitor's DSP might not support scaling 75 Hz down to 60 Hz so that could also be another reason. With specs that high, it probably can run at 75 Hz just fine.