Hello Stephen,
I understand your analysis and you might be right about the VOL value, BUT, please be aware that VOL value cannot be characterized because the internal MOSFET has no a linear behavior.
For example, at the MOSFET saturation, regardless of the voltage across (with limits of course) the current through the device will be (almost) constant.

Besides, please be aware that the Io is just a test condition value.
I hope this information will be useful for you.
If I misunderstood your question, feel free to let me know. I will be glad to help.
Have a great day.
David Diaz.
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