"if the math font plane 1 alphabet isn't suitable for Var it isn't suitable for V" — why would you say that?? If Var is a multi-letter and V, a, r are bold symbols, then having different spacing is entirely appropriate.
But I agree it's a documentation nightmare. @DavidCarlisle and @barbarabeeton: What do you think of a looking at the "length" of the input to decide? E.g. \mathbf{Var} -> text font, \mathbf{V} -> plane 1 ? That'd be tricked quite easily but, well, shouldn't be too often I'd hope.