there are two ways you can do this in maya 2008 and higher
when you create a vertex color set, you can choose to clamp it:
CODE
polyColorSet -clamped;
also, the vertexBakeSet can clamp the Min and Max values and also how the new colors get mixed with the existing values (overwrite, add, subtract, multiply, average, divide).
out of curisoity, are trying to bake into the same vertex color set multiple times?
also, you should check out RenderHeads vertex color tool called VertexChameleon...