My 'main' V4 has all the items, it has donated 200,000 gps to the gotchi king, and it is currently a togetchi on the 8th generation. Right now, it has 99,999 gps - so I don't think I'll have to play many games in a while!
I do not concentrate on collecting items and donating to the king or anything on my other 2 V4s. But now there's not much left to do on my main V4, I may consider doing more work on my others.