Bettering a SME V is going to depend on the table, musical choice and the cartridge synergy to the arm..all of which are totally subjective to each listener.
There are a number of interesting tonearm designs out there today. The new Supratrac Blackbird is an interesting play on a multiple point unipivot for example.
Budget considerations are also in question here, as a Basis Superarm 9 will better a SME V, but at a price!
The old war horse SME 3012 is not a contender IMHO. Unless, of course you like a certain colored and non-resolved sound. ( Many are convinced they do!). The knife edge chatter of its bearing is pretty easy to hear on a high enough resolving system!
The aforementioned Vivid Float is a good option, as are the newer Well Tempered Arms ( Bill Firebaugh knows a thing or two about arm design, IMO).
Lots of options to replace the SME V, all are colored to one extent or another, so you pick your flavor..:0)