V5s commonly use the 'open face' Type-R Sanyo laser unit, as do many V7s. Providing the laser units are the same, go ahead and just do a straight swap.
However, if they aren't identical, you'll need to put a modchip onto the v5 board, and then run the PS2 Laser Changer Utility (Cant remember the exact name) in order to get the board to accept your laser type.
Hope that helps...
LUFCfan
