The VersaFlex looks like a nice tool for stretching. I especially like that your progress can be measured in degrees.
As far as setting goals, the first thing to do is write down what want the end result to be. Make it measurable like 180 degree side splits. After you have your objective, give yourself a deadline for which to achieve your goal. Depending upon your dedication and current flexibility, set a date 6 months to a year out.
Measure where are at now, then determine how many degrees you have to improve to reach your goal. Divide that number by the number of months you have given yourself so you can track your progress.
After you have done the math, then its time to make your plan on how to achieve your goal. There are lots of resources for developing a stretching program. There are books, tapes, this website, etc… What I have found is that it really doesn’t make that much difference as to which guru you follow. Just put together a plan that you will realistically follow every day. The biggest mistake people make is having an overly ambitious plan that is just too cumbersome to keep up with.
By tracking your results on a monthly basis, you can adjust your plan accordingly. If you are not on track with your goals, make adjustments to your program. If you are reaching your monthly goals, stay the course.
I am very interested in learning from your success. Please post your Goals, Plan, and Progress for all our benefit.