Verbal plenary inspiration is the doctrine held by conservative orthodox Christians (e.g., conservative evangelicals, confessional Lutherans, and confessional Reformed). It argues for the inerrancy and infallibility of the original "autographs."
VPP is the doctrine taken by some defenders of the traditional text to be an implication of VPI. It maintains the infallibility and inerrancy of the present text.
VPI -> Verbal Plenary Inspiration -> "God is the author of every single word of the original texts of the Bible, and they are inerrant and infallible"
VPP -> Verbal Plenary Preservation -> "God has acted so as to infallibly and inerrantly preserve every word of the Bible, and we are in possession of them today"
My definitions are probably close, if not textbook accurate.
VPI is most definitely Biblical. Opinions differ on VPP and the exact meaning of it.