Hello SpenceF,   Yes you can upgrade to v2. For the R420 we have validated Part#RR182 - PRC,E52470-V2,2.4,25M,IVY,M1  
Hello,I'm sudent, and I just buy 4 old R420 servers, with couple of e5-2430 and 2450.It seems it's "v1" cpu on 1356 socket.They works correctly, but I want to max it.I found the upper cpu for this plateforme : 2470 v2I found it for 20$ each.Can I upgrade cpu from V1 to V2 ?I just upgrade bios and Idrac to the last available versions (2020 approx)Thank in advance !(P.S. : the power unit is 550w, so I think there is no pb of consumption).
R420 from 2012 : Upgrade CPU