Display lists probably wont' help as you would still need to build up
the list -- it's also old-style and practically deprecated approach.
You have to build the VBO too, but yes, display lists are deprecated.
As far as dynamic stars, yes, the idea is to use either a display list or a VBO and either transform or use a vertex program to move your stars. For starfields, I personally have gotten compelling results by simply making several static starfields of different sizes and then scrolling them with glTranslatef at different rates. This gives a nice parallax effect, and is essentially just as fast as drawing the stars completely static.