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Well using the DIY instructions from the corvetteforum I did the hardwire, it could not have been easier. Only change I made was I soldered and shinkwrapped the connections black and yellow. I works like a champ thanks to the folks who took the time to put together those instructions for the rest of us. I did not have to reinvent the wheel!!!
Yes, you can--I've done it a couple of times, using the power leads to the rearview mirror in other cars. Call Valentine Research at 800-331-3030 for the wire coding. It's been awhile, so I can't remember the right combination--but you only need two wires, a power and a ground (unless you're using the remote readout).
BTW, I'd suggest an intermediate step that will help you deal with the inevitable phone plug failure at what will likely be an inopportune time in the future. (The clip breaks off, and the plug won't stay attached to the V1.) Crimp short wire leads to the female end of Scotch plugs; then solder (or otherwise attach) the leads to the car's wiring. Crimp the male ends of the Scotch plugs to the wire that goes to the V1. This way, when the plug breaks, you can just unplug the wire and take it to your workbench to fix it--instead of pulling the wires out and fixing it while you're balancing your tools on your lap in the car. If you make a spare hook-up wire ahead of time, you'll never get stuck with a non-working V1 (and we all know how painful that can be ...) ;)
A friend of mine did what you want to do. He had a problem with the clip breaking. For him, it wasn't worth the effort wwith the problems he had, but...