Grunching:
Going with OP's reads, I'd have to put V1 on something at least as good as T9. He's shoving now, and he's not bluffing, so what ever it is that he has, he thinks its a good hand. Most specifically, I don't think he "just" has a draw. Also, I don't think he has much KQ, AQ, JJ+ type hands since he probably is raising or l/rr those hands.
V1's range: Lots of 2p, made straight, 9
8
is probably the bottom of his range. He certainly can have 99, but probably cannot have TT+.
V2 is probably OESD+FD to 99+ to the nuts with the nut redraw. We're probably truly racing with him. We probably have some fold equity if he's on the bottom of his range though. I think the bottom of his range is something like 9
8
, or A
X
What to do?
Methinks we need a read on what V2 will do if we flat. Flatting is best for us, since we're almost certainly behind V1, but not necessarily that far behind V1. We could be way ahead of V2 or way behind. But since V2 did not raise, then we're probably not that bad off.
Do we think V2 would be able to fold the flush draw parts of his range? Is he folding pair+draw if we 3b? Seems like a tough way to make money.
In a vacuum, I flat, and give V2 a chance to take control or continue on. It seems to me that these type of spots we find that V2 lets us draw cheaply -- and if so, there's no point in bloating up the pot now.
But I think folding is probably right here most often though. There are a lot of cards we need to fade here, and we'll see all 5.
So, I'll say flat but looking for a reason to get away from my hand.