About CapTel, I'd wager it probably not work very well. It'd work "sometimes" probably, but cut out often. I can muster a 28800bps analog modem connection over Vonage but it has occasional random dropouts, which is very bad for CapTel.
TTY is much more reliable over a really good VoIP connection, as it's not as sensitive as a 28800bps connection.
You could give it a try. It'd probably work great if you had a commercial-quality T1 Internet connection and Vonage wasn't overloaded, but watch out on a typical Cable or DSL connection during evenings... A 28800bps modem connection over VoIP is very demanding on low-latency low-jitter no-packet-loss Internet connection...
It's digital (original 28.8Kbps)-to-analog (audio)-to-digital (TCP/IP) an onion layer of a data connection, and each layer needs to be pratically "perfect". In other words, at slow speeds, corruption scrambles only a letter or two of TTY, but on CapTel this may mean means big blocks of missing words or automatic disconnection from the captioning service (when VoIP momentarily destabilizes enough to fail to keep a 28.8Kbps analog modem connection sustained).
Faster speeds are possible too. I've even connected at 52 Kbps once over VoIP. But not common.