The Skeptical aquarist is down (as far as I can tell) and they had some pretty good info there, but essentially, with velvet, like ich, the parasite is encysted on the fish and can only be killed in freeswimming stage. Salt baths will not work for either. From the research I have done it seems that salt in the water column may help kill it off but is not a surefire treatment. formalin and malechite green will do fairly well, but velvet is tough enough to need a couple of rounds. As far as the freeswimmers, If I understand correctly, velvet is a photosynthesizing parasite, and can survive for a pretty good spell if given light even when no fish are present. With this in mind, even an empty tank can support it for several weeks. Blackouts are highly reccomended in conjunction with the other treatments. I know this is an issue with plants, but from everything I've read it is almost a must with Velvet. UI don't know haow fast it will die without light, and without a host fish but I'm sure it is pretty rapid as no parasite can live long without food.
Sorry i can't be a little more helpful, but that is as much as I can remember accurately. I'll see if I saved any of the articles I pulled, and If I did I'll get them to you somehow.
dave