I have a Sprint LG LX350 bluetooth phone which works very well with my TCH. I can place, receive calls, check voicemail and use it handsfree. My wife's phone is the new Motorola Verizon Razor with the Vcast capability and bluetooth. Can I have both bluetooth phones be recognized in the TCH or do I just have to stick with one?

I have two Razr's.. Both my wife's and mine are setup up in the TCH system, however only one can be active at a time. To switch - you must select the phone you want to use using one of the setup screens. The Razr's work great

Yeah, what is up with only one phone at a time. I have a personal phone, and a work phone. I get calls on both of them reguarly, but I can only use the TCH handsfree on one of them.

I want it to see all linked phones, and connect the hands-free to the one that rings. if it is the outbound calls, then just place the calls through what ever phone has the highest priority ranking, this would mean you would have to give each phone a priority.

That would probably work if the TCH was a HEADSET profile and not a HANDSFREE. The reason being the HANDSFREE profile is a persistent connection whereas the HEADSET is casual (intermittent) and can therefore float between devices.
The TCH is working as designed. I don't think you'd want it to be a HEADSET since you'd loose the phone directory, signal strength, battery level indicator etc.

I don't have most of those features, I think feature wise, it is workin like a headset devive for me. It might be because I have a razor on Verizon though.

I'm not sure about the headset vs. hands free. However, the TCH's connection is Bluetooth. By it's very definition Bluetooth is monogamous, meaning it can only connect to one device at a time. Once the phone and car are connected the phone cannot connect to another Bluetooth device (e.g. an earpiece) until it disconnects from the car. Likewise the TCH will not connect to another phone until the link between it and the current phone is disconnected.

It's not a limitation of the TCH. It's the way Bluetooth is designed to work.