The problem is the limit in motion in the machine. The rotating part controls its suction, yet that is the part that you normaly want to be dynamic (which usualy demands a linear motion). Once you can edit that part so it works linear and can go to any position (at a decent speed), it becomes usable in funscripts.
If the rotating part could be replaced with for example a 2nd handy, and it becomes linear (and the handy is strong enough) this would be the easiest solution here.
But even then it has limits, even if the system itself has its air isolated properly, the receivers might still bleed some air (there is a good reason they use latex for this generaly doesnt allow this to happen). A fleshlight sleeve is guaranteed to lose its suction when there is no movement, its not ment to be airtight.
For this, you generaly want a system that can maintain suction (for example the serious kit as that uses a vacuum pump). But as far as i know it doesnt have any support for extra control and could be equaly limited to a v2k. And a serious kit is even more expensive than a v2k, so definitely not an option in your case.
But still, with faster motion, even if the fleshlight bleeds some air, this wont be a problem as each stroke you can reset the suction anyway. And if you can at least control the rotation changes rapidly so it follows the script as much as possible, i think it should be the best possible solution for a budget project, no need for a handy then. And sure, it might not be the perfect imitation for suction at all places, but it simply being there would be an improvement.