I can't answer all your questions but I can add some thoughts...
1. No, if you were going to use the V1 for swimming and such you'd still want the FT1 adapter and a fast lens. The thing is that you could probably use an 85 f1.4 lens which will give you the crop of a 230mm f1.4 lens. That might be mighty fine in certain situations. Or pair it with a 200 f2 for something really tight and fast.
2. Yes, you'd have to adjust your shooting style. AF-S isn't much of a limitation, though, with planning. I mean people covered fast sports before AF was invented. You'd just have to tap the shutter a lot.
3. I gotta say the burst rate is VERY nice. The only downside is the mandatory image preview after a shot.