Are GC Items Legit in v2 Standards?

Just want to know

What do you mean? You're comparing apples to oranges. They're both fruits, but not the same kind.

Are you referring to transferring GC items to V2? That all depends on point of view. One may argue it is illegitimate because you didn't earn it on those characters in V2. Another may argue that it's perfectly fine since you yourself as a person did work to earn it, despite it being on another version.

In all honesty, it doesn't really matter. No one is going to try to kill you just because you have items from another version.

It's no more cheating than using the EP really, since neither of them are Sega approved, but certainly neither will put you in a favourable light in front of holier-than-thou legits. Personally, I think the idea of modifying Ver.2 to be more fair is better than sneaking equipment from a different game into your inventory.