Its been covered a couple of weeks ago (still actually on this page - 2nd from the bottom -
http://forums.justcommodores.com.au...-2004/183522-vz-steering-wheel-fit-vy-s2.html ) but yeh, it appears it will.
Ive swapped my VZ HBD wheel with my WK Statesman (same as a VY wheel) and it went on without any issue. Might be that its a HBD wheel, but it was designated for VZ.
Going the other way VY->VZ was a tad tricky as the back of the wheel where the shaft sits needs to be ground down about 3 or 4 mm.
But from all accounts VZ-VY = no worries.