I have adapted several PS Type 1 fonts for use with TeXLive. What I found out, is that only three types of font-files are needed, which are a .map-file, .tfm-files and .pfb-files.
However, at http://www.ctan.org/tex-archive/macros/latex/required/psnfss Walter Schmidt writes that "The macro packages are useless without the font description (fd) files, virtual fonts (vf) and font metric (tfm) files for the font families used.", which would be his advice for the use of PS Type 1 fonts with LaTeX. But since the same tricks work so well without the .vf-files in Plain TeX, it seems to me that these files would not really be needed in LaTeX either. According to Donald Knuth and Tomas Rokicki, TeX needs only the .tfm-file to produce the .dvi-file, and dvips should then be able to do the rest. This agrees with my experience as well. By the way, I use the 'texnansi' encodement.