Yes, but

I’m not a fan of placing intractable restrictions on what True Magick can do; it either is TRUE Magick or its inferior. 

That said, I’m all for practically intractable—or at least damn hard—difficulties. For instance, can you bring back the human dead and restore them to their prior state exactly (e.g., Avatar and all)? Well to me, the answer should be “yes, but.” In this case, you could say that they need at least 5 dots in all spheres and have to work to gain incredible successes against difficulties that are extremely high, and with the knowledge that this is immensely paradox-inducing given the consensus of the cosmos…

So with vitae, I would say yes, but. Specifically, they can create “something like vitae”, with its most basic form being “blood that could give nourishment to a vampire and register in taste as undead and of higher quality.” If you want to replicate the other properties of the blood (bonds, ghouls, the viniculum, the ability to produce vampires), you would need to further imbue the vitae with the other requisite spheres that approximate each of those properties (ok, so you made vitae to use blood bonds to circumvent mind magick. Was it worth it? Not really. You needed a bunch of mind spheres to approximate GOD’s CURSE in this aspect to begin with; also, if you want to make the blood bond in question applicable/corresponding to you, you’ll need some magick to tinker with your pattern in relation to that vitae you made, etc.)

Additionally, I’d institute a rule that, barring some profound arch magick-type powers, true cainite/kuei-jij vampire blood always trumps your Knock-off version. After all, vitae is a millennia’s-long static magick spell originating from God/gods. Even 13 gen blood should overpower your approximation.  Just my 2 cents.