The decay mechanism of V-47* formed in direct kinematics (Ne-20 + Al-27) is investigated within the collective clusterization approach of dynamical cluster decay model (DCM). All calculations are done for quadrupole (ss(2i)-deformed) choice of fragments by taking optimum orientations over a wide range of center of mass energies (E-c.m. similar to 83-125MeV). According to the experimental evidence, there is a strong competition between fusion fission (FF) and deep inelastic collision (DIC) in the decay of V-47*, which are recognized as compound nucleus process and non-compound nucleus process, respectively. The decay cross sections of V-47* for both FF and DIC decay modes are addressed using DCM, and are found to be in agreement with the experimental data. It is important to mention that emitting fragments in both these decay channels maintain their homogeneity in terms of charge number, that lies in the region 3 <= Z <= 9. Hence, all possible isotopes contributing towards 3 <= Z <= 9 are taken into consideration here. Calculations of both FF and DIC are segregated on the basis of angular momentum windows, where 0 <= l <= l(cr) has been taken for FF and l(cr) < l <= l(gr) for DIC, as the later operates only due to the partial waves near grazing angular momentum. In DIC, preformation probability (P-0) is divided equally amongst the most favoured outgoing fragments. Moreover, the behavior of fragmentation potential, preformation probability, penetrability and emission time etc. is examined, in order to identify the most favorable isotopes contributing towards FF and DIC.