Looking at the MSVSVersion.py file
def _CreateVersion(name, path, sdk_based=False):
"""Sets up MSVS project generation.
Setup is based off the GYP_MSVS_VERSION environment variable or whatever is autodetected if GYP_MSVS_VERSION is not explicitly specified.
So in a command window type:
SET GYP_MSVS_VERSION=2008
Then build it:
python build\gyp_v8
And that did generate a VS2008 sln file.