I'm a bit the opposite to the previous poster. I had a VBAC with DD2. I wasn't keen on CFM as I wanted to stay mobile as much as possible and in the meeting with the midwife beforehand to discuss my delivery, I was told that most midwives would agree to intermittent monitoring unless there was a problem.
When I actually went into labour, I was encouraged to stay at home as long as possible, which surprised me as I had thought I would be brought in early for monitoring. When I eventually arrived at hospital I was 6cm dilated and progressed to 10cm within 40 minutes. At some point fairly early on the CFM was attached and I don't really remember much about it. I was mobile in the sense that I could move into any position on the bed, including all fours, but I couldn't walk around. However, by that point I felt that I absolutely couldn't walk anyway so it didn't affect me. In all honesty, I don't remember the monitor being an issue for me at all and I actually found it reassuring as I understand that foetal distress is one of the key indicators to a rupture.
TBH, I really really didn't enjoy the birth. I had also been led to believe that there would be a finite pushing stage but in fact they let me push for over two hours. Like you I was fearful of tearing and I did end up with a 3b tear. It was an assisted delivery (ventouse - they said I could do it without but I was so exhausted I just couldn't push any more) but this could have been because she was a large (9lb 2oz) baby rather than because it was a vbac. I had to have stitches in theatre and I was really upset about this at the time as I was worried about future health consequences and, just as with my first birth, it meant I had to spend time away from my newborn while I was stitched up. At the time, I wished I had been able to have an ELCS.
However, with hindsight I'm pleased that the VBAC was successful. The tear healed very well, and I felt that I recovered much more quickly than from the EMCS. FWIW, I chose to tear naturally rather than have an episiotomy. I wasn't sure if this was a good idea when the tear was bad, but I didn't have any pain or issues with healinlg. The biggest reason I'm glad I did it is that although I did have to go into theatre half an hour or so after the birth, one of my most precious memories is of DD2 being placed directly on my tummy as soon as she was born and being the first person to cuddle her. I was really sad that I didn't experience this with my firstborn.
It's a difficult decision to make as there are uncertainties with any birth. All the stories above show you that just like any birth, every VBAC experience is different.