The Orion V has three tons less armor than the K model, making room for an additional SRM-4 rack on the right arm. This increases the Orion's power, but many pilots consider the loss of armor to be risky.
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Although it nominally has less armor, the fact that you have 42.5 tons to play with and a generous amount of hardpoints, the ON1-V can be the proud bearer of the AC/20 paired with a considerable amount of light SRM racks for extreme stopping power.
Alternatively, you can use it as an LRM boat, mounting triple 15-Racks. With maximized armor, it may run a bit hot, but its knockdown power is hard to equal.
The Orion-V can be configured to be a brawler if needed. Instead of LRM's, 3 x SRM6 w/ 2+ tons of ammunition would be the weapons of choice. The remaining tonnage can then be spent on more armor, heatsinks, jump jets, and additional weapons.
The Orion V trades some of the armor the K model is known for to mount additional weaponry. This increases its overall damage output, but many pilots consider the loss of armor to be risky.