Yes. Recently JR updated Gearshift to 1.7. This is a really cool update in that it now works with AVCHD mts clips as well, and it now writes the proxies with a shorter "GSP" rather than "GSProxy" prefix. This update is also Vegas 8 compatible.
This new version of Gearshift is by far the most practical way to work with AVCHD format video from the new Sony consumer HD camcorders.
Yes, ALL of the VASST Script plug-ins for Vegas (UltimateS3, GearShift, infinitiCAM, StillMotion, & FM) have been updated for Vegas Pro 8.0. Just download the trial version and install it over the version you have and it will recognize your license key and be fully licensed.