I can't tell you the amount of information, across several engineering disciplines, you have to completely understand, before attempting a major change to the underwater areas of any boat.
Simply moving a keel, altering it's profile or configuration can have huge repercussions that seem to have little to do with the keel itself. The same is true of major rigging changes, particularly in relationship with the underwater areas.
Changing a flat bottomed boat to a V, will increase it's displacement, probably by quite a bit if you follow common trends in yacht design. This means the boat will need to weigh more to settle down on her "sailing lines" properly. This could be a good thing as you'll likely need to ballast her to do this. Okay, where to put the ballast? Much ballast added to the sides of the current keel will strain the fasteners holding it to the plywood bottom. On Jim's redesigned keel, I asked him to install structural floors and huge through bolts, partly to address the increased loads the new assembly would place on the original structure.
In short, sure you can alter the bottom of a Vacationer or other flat bottom craft for a V configuration, but you should have a very clear idea of the forces involved. I know most would at least consult a designer, much like a major addition to a house, but some might just "give it a try" and hope for the best.
In this vain I'm reminded of a Weekender that had a radical new rig placed on her, by an experienced sailor and a person with a fair understanding of the principles of design. She capsized on her maiden trip away from the launch ramp (I'm not picking on you Stuart). I'm not sure if the boat has been tried with the new (schooner) rig since that eventful day, but am just using it as an example of what can happen if you don't get the elements "balanced" properly.
Speaking of balance, you'd think that there are codes, guidelines and formulas that can calculate the precise centers and balance points of the variables, when designing a yacht. Nope, there aren't. Much of the design work, particularly the balance of the helm in regard to the rig placement over the underwater appendages is a matter of experience and educated guessing. There are some tried and true opinions held by designers about balance, but nothing is written in stone. So much so that America's Cup boats are built in two's and three's. The first one tests some ideas and theories, the second incorporates changes from the first and the third is the combined modifications they've found on the first two, incorporated into a new, better yacht. This is actually the cheapest way to do it. A bit of computer software designed to predict all the possible variables would actually cost more and take longer to develop!
There's an old saying among yacht designers. "We have nothing more to sell then our opinion", which means they've made a real good guess about certain things and are hoping for the best come launch day.
I've tried to attach an image of the boat Jim mentioned. It's about the size of a Vacationer (around 18' on deck), but has much more room and is much more capable, especially in rough water.
This boat is available as a round bilge, in one of severial building methods. Also as a multi chine (shown) as a taped seam or ply over frames build. Rig choices are fraction sloop, cutter (not recommended), ketch and schooner (the coolest looking and the one shown).