OK, I am making an assumption: *I can re-interpret the problem (using the musical isomorphism) as $V$ being the diagonal embedding of $TM$ inside $TM\oplus TM$ and studying spin structures on them*.

Actually, it turns out (see comments) somehow that this "re-interpretation" is slightly different from the original construction.  But I still believe the answer is no, based on its resemblance to the "re-interpretation":

I will restrict to $\dim M=3$, in which case our (closed oriented) manifold is always spinnable. A spin structure $\mathfrak{s}$ on $M$ induces a canonical spin structure $\mathfrak{S}_0=\mathfrak{s}\oplus\mathfrak{s}$ on $TM\oplus TM$, and this is actually independent of the choice of $\mathfrak{s}$ (these appear in the notion of a *2-framing* on 3-manifolds, which Atiyah and Witten have used for some of their QFT studies). As a result, the "restriction" $\mathfrak{S}_0|_V$ on $M$ is ill-defined.  
*[proof of claim of canonical spin structure (learned from conversation with Rob Kirby): the spin structure fixes a trivialization over the 1-skeleton, and over circles there are two trivializations, so changing a trivialization of $\mathfrak{s}$ is doubled in $\mathfrak{s}\oplus\mathfrak{s}$ which modulo-2 is no change.]*

This also implies that the "restriction" to each $TM$-summand is ill-defined. (What I know that works: the collar-neighborhood theorem does allow an induced spin structure on $T(\partial X$) from a spin structure on $TX$ thanks to the splitting $TX|_\partial=T(\partial X)\oplus\underline{\mathbb{R}}$ near the boundary.)