Hi,
Just thought I'd weigh in!! Over here, both meanings of 'vice' are spelled the same. So yes, a 'vice-like grip', means a tight grip, nothing to do with sex & drugs! The 'vice squad' in the police deals with prostitution etc.
We just don't use the 'vise' spelling. I don't think I can remember seeing it used, not even in fanfic. If I had, it would have looked really wrong. It wasn't a difference I was aware of.
These boards are always informative!
Em