VSEPR is a simple and generalised approach based (mainly) on empirical observation. It is a great theory in predicting, in a first order approximation, the geometrical shape of molecules. That is a lot harder with other methods. It is of course based on a physical foundation, not only empiricism. You might want to explore electron-domains and the Pauli principle in this context.
There have been a lot of post-rationalisations that cause more harm than good, because they clearly go beyond the limitations of the theory. One of the most miss-taught ones is the involvement of d-orbitals in hybridisation schemes, but that comes from the lack of understanding of some instructors, and its confusion with valence bond theory.
One of the most prominent examples where it (basically) fails is outlined in my answer here: Are the lone pairs in water equivalent? At this point it should be noted, that the general topology of the electron density is quite well reproduced.
With that in mind, a reconciliation of this empirical approach with quantum theory to understand bonding is dangerous, if not futile. It should be used for providing a reasonable guess for a molecular structure and its principle explanation. Anything beyond that might lead to wrong conclusions. It cannot, in any way, be used to generate a guess for a wave function, because it is not based on it.
You will have to use another method for that. Often confused with VSEPR is the valence bond theory (VBT). It cannot be stressed enough, that the two are completely independent (even at its crudest level). There has been a lot of development in that field, and what is often taught as VBT can only be classified as a very crude approximation. It is in principle an exact theory, but carried out at the theoretical limit is not as easily understood as that what is taught commonly. (Just have a look at resonance, and its misconceptions as are outlined here: What is resonance, and are resonance structures real?)
Another way to describe bonding is molecular orbital theory (MOT), which already comes with the necessary properties of electron delocalisation. Unfortunately, this theory is more difficult to get started in, and does not provide an easy picture to follow. The good thing about this is, that it doesn't get much more complicated at its theoretical limit.
The two approaches are at their respective theoretical limit (VBT decribes electron correlation via resonance structures, MOT need multiple determinants for this) equivalent.
Understanding bonding is not easy and it is by far not without controversy. Even at approximate VBT or MOT there can be many misconceptions, and incorrect deductions, conclusions, rationalisations. For everything in the "grey" areas, there are opinions, interpretations, and opinions about interpretations.
In any and every case one should always be aware of the limitations of the model used. One should also be critical about the found results. One should always expect everything to be a lot more complicated than expected (point in case: CO2).
If you keep all of that in mind: VSEPR is an awesome model system.