You can actually V Skill absorb up to four hits outside of v trigger. Capcom just released the official Zangief guide video and in it they say that he can absorb two hits standing, then another two whilst moving forward. Just tested it and sure enough you can parry four consecutive hits.
However, v skill negates push back so if someone jumps in and mashes a 3-4 frame jab, they will stand in place until the jab hits you. You can't interupt it with the v skill hit. Against these players though, just block two hits and grab, or better yet, just anti air. Player's who are mashing jab on jump ins are likely to be jumping in a lot.