My sense of the afterlifes - just based on the comics, I don't know anything about D&D - is that if you're "loyal" to your alignment, you'll go to the afterlife suited to that alignment and be happy there. Evil people in the afterlife get to form adventuring parties and go after people in the Good afterlives, which seems like something Evil people would find fun. And since D&D is a world where everyone knows the afterlife exists, if things didn't function this way you simply wouldn't see people deliberately choosing to be evil - the post-death repercussions would be too high.

However, if you don't act in accordance with your alignment, you get sent to the afterlife of a different one, and that functions as a punishment. Miko, for example, would almost certainly be in the Lawful Neutral afterlife rather than being in the Lawful Good one with other paladins, and that would be a punishment for her. Roy looked surprisingly horrified when the Deva considered putting him in the Neutral Good afterlife (strip 490), even though on an objective basis it's probably a very pleasant place (although Roy's fear may have been based mainly on the fact that he wouldn't see his family in the Neutral Good afterlife).

So based on this, I think the theory that if V went to one of the Evil afterlifes it would be worse for him/her than it would be for genuinely evil creatures is correct.