For starters, there is no V3. The change to the needle bearing didn't change the version. Mine has the needle bearing and said V2 on the side. It makes no sense, but here we are.
The biggest issue specifically with the Phantom most recently has been the quality.of the cylinder castings when it came to the upper transfers and intake inside the cylinder - both being too wide and causing ring snags. The latest batch of cylinders seems to have resolved this. I would still take the time to clean up the port edges however, just to be safe.
The only other issues you will run into are the same ones you get with all of the engines. Pinched cranks, metal in the crankcase, uneven flanges, etc.
If your current CG goes 50mph it's basically as fast as a stock Phantom. The only big difference will be in the power under the curve. The Phantom makes a ton of lower and mid range power, so it likes to pull very strongly even with smaller rear sprockets. They can pull strongly to 9000rpm or more if you port match the intake and/or up the carb size as well, but being a yd100 bottom end I try not to do.so very often.
The minarelli hybrids are the king of top end power and rpm capability, but won't be as strong down low as a Phantom.