It may work. You must experiment.
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3W-2Dmc-2Mc-2aml/r-1St or 3W-2Dmc-1Mc-2aml/r-2St both are best.First one as defensive and second one as offensive.
There is still room for wingers to receive long passes from deep-lying players though, especially when counter-attacking. Or does the DMCs (or combination of DMCs and Side Defenders) stop those? Have you seen it? As it is now, it seems that the wingers might face some difficulty as they have to beat at least one player if they decide to dribble, and if they decide to send an early cross, they still have to send it in such a way that the DMC does not block it.
I'll pay attention more to the winger action next time I face the 4-5v-1. All I can tell you right now is that there haven't been any goals, which could be due to a million different reasons (opp wasn't counter attacking, my player quality make up for bad defensive tactic, etc). I typically go for a 3DC-2DML/R in that situation since I prefer to have all attacking midfielders directly marked. Due to a suspension, I had no DML and went with the 2DMC formation. It went well so I used it a few more times. I wish I could pull up the matches from last season to get more of the games stats/ratings.
So most people choosed 4-5-1v but wait it have many weakness which may not affect strong quality but normal teams are not advised to use 4-5-1v as you need best Dmc and Attacking wings.
All formations have strengths and weaknesses. Also, a weaker team using appropriate tactics can beat a stronger, 4-5-1-(V) team.
Last year (2015), 4-5-1(V) was my common or general formation for two seasons. It does provide decent results, including winning some competitions, but, occasionally, I have been beaten by weaker or close to similar quality team.
In my opinion, 4-5-1(V) is overrated here on this forum, probably due to the fact that many users here, including those that were here relatively a long time back, were able to win a lot of competitions using this formation. On paper, sure, 4-5-1(V) looks very difficult to penetrate, but it is beatable.
There are other things that I can say on this formation (and on the users that used it), but I prefer to restrain myself. It is better to let the users find out many things by themselves rather than spoon-feeding them here. While, it is good to help someone or provide tips on so on, take into consideration that in doing so, you may have allowed a user to win a competition (or to knock-out another user) undeservingly or 'unfairly'.