Man, twister lathes are just silk! I wish I still had mine. . .
Anyway, V-Blocks are superior to bearings. Bearings may be superior when they're brand new, but they get stuff in them, they wear out and then they get slop in them - slop=bad especially in lathes. They can also develop some bounce=VERY bad. V-blocks don't get those problems. Just add a drop of oil and you're good to go.
Since you're probably only going to be using rebuildable stock motors, the answer is yes.
As for the Hudy tire lathe, you can't go wrong with it if you can afford it. It IS overpriced. I don't know about the one that fasterdanu mentioned, but the Cobra is also very good and MUCH less expensive than the Hudy.
Of course, the Hudy is automated, which is tres cool. . .