Seen a lot of debate on various forums, should you have vsync enabled in nvcp and gsync too? On game I turn off vsync. I'm new to gsync so not that clued up tbh.
Some exceptions aside AFAIK if you have G-SYNC enabled it should ignore the V-SYNC option ingame - there are some games that do their own VWait stuff though that can cause issues. If you have application settings enabled for V-SYNC in the control panel though I'm not quite sure what happens - it probably starts to behave like the V-SYNC On/Off option in the nVidia control panel.
With old drivers you should have V-SYNC off but in the newer ones the V-SYNC options get hijacked once you enable G-SYNC and it works differently.