I'm thinking it will work, BUT you may have to use the controller configuration to map your buttons etc, since there are no defined settings for that wheel. I had an old MadKatz and I needed to map the buttons that way. It took a bit of time, but in the end it was OK to use.
Can't seem to get my v1 to work, I don't know what i'm doing wrong, when i put it in ps3 mode, nothing really works but when i leave it out of the ps3 mode the menus works but i still haven't got any stearing nor are the pedals working.. any ideas?
V1's do not work with GT5. Had the same when I first bought mine (can't remember exactly when, but it was probably 5 or 6 years ago). Luckily Fanatec came up with the the upgrade to V1.5. No problems after that.
This upgrade is not offered anymore, so most likely you are out of luck.