V2 IS hard for me: sustained 5c moves and getting quite high. I can make such a V2 look V8! Also it goes better in cool weather. Over-brushing and over-chalking doesn't help this problem either: it will be drifiting up and may have got damaged and hence harder (I was last on it about a year ago).
I think you are right about Guppy Arete being if you start the arete from the higher ledge on the left, but then the logical way to do it is on its left-hand side which is described in BMandB as Guppy Left at a reasonable V1 (5c). To pull around to the right-hand side here would be very artificial, and probably still harder than V2 (5c).
I remain to be convinced that Guppy Arete actually exists as a problem. I think the problem Classic Arete is the one here.