The key to understanding these designations is this. The first "V" number is the serial number hardware designation. The second "V" designation is the firmware upgrade version. So, the V1 / V2.0 means the tablet is a V1 serial number and the firmware upgrade is V2.0. The "V1" designation is determined by the serial number on the back of your v972. It is some kind of production number as in "version". Your serial number will either have a "V1 or V2 or Vx" designation. The firmware upgrades are now determined by this hardware version. So, the new SDK 2.0 which is designated "V2.0" is the new firmware version. You would NOT install a firmware upgrade designated as a "V2" if your serial number was a "V1". Look on the back of your tablet at the bottom. It's very plain to see. So, to upgrade your v972, you first need to know what serial number version you have, as in "V1", then you chose the firware upgrade based on that, i.e., v1 / v2.0 ("V1" hardware and V2.0 firmware). Confusing but clear?
As far as I know, you can flash the V1 / SDK2.0 upgrade with the Phoenix tool from any earlier version. Once you flash it, download and install one of the SuperUser apps so that you can take advantage of root as the rom is already rooted. The Kasty-Onda version already has this done as does the other roms. Hope this helps.