I was just told that the V1U does not have a manual white balance feature. Instead, it has two two presets for 3200k and 5600k. First, is this correct? Secondly, has this been as issue with anyone yet?

Welcome to DVinfo Tim. This has been discussed (debunked?) in the following thread: http://www.dvinfo.net/conf/showthread.php?t=79320&highlight=white+balance

Be sure to download the V1 owner's manual (link at the top of the forum) and familiarize yourself with it... and please search before posting; chances are that high that whatever it is, we've discussed it before (as with this topic for example).

Tim,

here is a tip for your manual white balancing. I have this Expodisc tool, a white plastic lens kind of thingy which you can attach to your lens while metering white balance. In mixed light conditions it gives very good results with manual WB. Nicer results compared auto or fiddling with white paper.
You can buy it in various diameter sizes, even 62mm, however for the V1 I use my old 77mm ones (bought for my Canon EOS lenses) with a 63-77 step ring.

One of my favorite features on the Z1 is the ability to assign white balance up/down shift to the programmable buttons. See the manual for specifics, and here's another trick I use: http://www.dvinfo.net/conf/showthread.php?t=79394