You bet! Turbofins and masts will cost about $150, but for an extra $60 you can get the V-2 masts and GT sprockets for better durability. You don't have to perform any additional upgrades. Alternatively, you can add ST fins for a nice boost and keep your original masts.
If you re-use your V-1 sprockets, be sure and Loc-Tite the Allenhead screws that retain the masts so they don't back out. If the V-1 masts become loose, they will eventually start to wallow in the sprockets and ultimately fall out. Keep an eye on them. You can then repair these one time by epoxying the masts and screws in to extend the life of your V-1 sprockets.