What would be the preffered method of covering Asbestos siding both safely & legaly. I am hoping to use vinyl with styrofoam board undernieth.

Whether you can cover with vinyl depends on how the asbestus siding is installed. I ask siding man about that once. He said that it could be done but some times it has to be removed. I have a house with asbestos shingle siding. I checked with county waste disposal, was told that it was no longer consider hazardous waste and could be disposed of in the land fill.