I still have both my V1 uppers here and I too played around with this. After pulling out all the 'layers', the PVC shell is moldable, but tends to collapse rather than reform. I ended up with a slightly 'soggy' toe look of the '89 shoe which may or may not be what people want. I hope they have used a half decent foam in these V2s as well.With v1 materials, toe slimming would be very difficult. The outer vinyl and the sheer amount of extra material they used in that area of the show makes precision work difficult and it added a lot of complexity and the rigidity of the skinning fabric of the toes that caused them to "dent" rather than realign to form a thinner toe profile.
I know this, because I actually tried it while tearing down my second shoe.