Today VNA's display the data any way you want. A good place to see an application which you can download. Is on Agilent's site the application is AppCad. The new bit everything S-parameters basically does about what a VNA does to display data.
Current VNA's basically calculate anything you would conceivably want. But remember S-parameters are basically small signal power parameters at
50 or 75 ohms. Having said that you will find waveguide add-ons that take you out into millimeter territory for current generation machines and into high power microwave frequencys (like watts into a device at 6 Ghz).Vector error correction is basically just mathematical correction. For a home based project a piece of software which you should try to get your hands on was written by Rutledge and co. (at Caltech) which basically did your project using a PC, an HP8410 and an 8350. Another resource available is the Puff software from Caltech (now you have to buy the book)
Your directional couplers just are to bad to cut the mustard.
The goal you have set yourself on is a long and difficult path.
Good luck and Good management.
Andrew