A vertical seismic profiling system includes seismic receivers for placement on a drillstring and surface seismic sources. One-way checkshot data may thus be measured without tripping the drillstring. A downhole acoustic tool measures the local interval transit time of the formation, and improves the detection of targets ahead of the drill bit. The local interval transit time may be applied to the time of travel from reflections in front of the bit to establish distance to the bit. The down-going wavetrain may be deconvolved with the total up-going wavetrain to extract the nearest reflector and the relative acoustic impedance at the reflector. A synthetic seismogram may also be created based on reflection depth data and corrected with checkshot data.