Yes that would work but the total load on the amp would be (the attenuator/speaker impedance) Z1 and the Torpedo Z2 as per the following:
1/Z = 1/Z1 + 1/Z2 so if an eight ohm speaker was connected via an attenuator (also 8 ohm), the amp would need to be set to 4 ohms
The other method that may be easier is to connect the head to the VB-101, thru out of the VB-101 to the attenuator and the attenuator to the speaker cab, With this way, you can ignore the 8 ohm spec of the VB-101 and simply set the amp to match the attenuator and cabinet. (when the thru jack is connected, the 8 ohm internal load of the Torpedo is removed from the signal path with just a tap to extract a signal for the Torpedo process. The amp sees whatever is connected after it...obviously, a proper load needs to be there or the amp may get damaged)
As most high gain amps tend to have more going on (yes this is an opinion) at 16 ohms, this may be the preferred solution.
Andy