yeah...the v2 isn't terribly reliable. hell, i fried mine at 4.8v with a stock motor
btw it's li-poly not ly-poly. just a little side note.
you'll be able to run it, but once the v2 fries (the ep won't fry because the v2 is the only way that electricity gets to the ep) you'll have 50 bucks down the drain
if the v2 holds up (assuming its 30v 30amp rating holds true) then you would possibly get communator glazing, brush glazing, or burning up of the motor.
remember you need to cut those traces.