It wouldn't work as manufactured. The notches in the opposite end of the current masts are for a wrench to install and remove the masts and would not line up with the Allenhead screw when reversed. You could file your own flat spot, but the mast is not designed for this. The latest masts are a slightly smaller diameter and would not fit as snugly (this would induce wobbling which tends to back out the Allenhead screw and wear the sprocket mast hole); the rounded edge, when reversed, makes a weaker joint and the threaded end; when reversed, would accelerate wear at the fin tip.
So while it's possible to modify the v-2 masts for a v-1 application, I wouldn't recommend it. IMO, if you already have the v-2 masts, it isn't that expensive to just upgrade to the v-2 sprockets -- you'll be money ahead in the long run and have better equipment.
