Thanks Mike for pointing out that I managed to add duplicate code adjacent to the original without even noticing it!!!!!!

You just know that your brain must have been seriously out to lunch when that happens, don't you?
Anyway, to anyone that used the '-V' option, your resulting encodes will be identical when compared with having used the '-b' option without '--managed'.
Since I can't really reverse the version numbering, I've made the appropriate changes, adding the additional help info that Mike added, and uploaded
oggenc2.41 to Rarewares in all flavours.
Sorry for any confusion here and thanks Mike for straightening this out.