Unfortunately the GPS unit didn't work well with this setup. I tried different ones and but none of them worked well.
In addition, I tried isolating the GPS wires however it did not help.
I am not sure what caused this problem and using the setup that is listed above installing a GPS is likely a waste of time and money.
Besides this issue this 3.5" CineWhoop is one of the best one that I've flown. It packs plenty of power, provides decent amount of flight time and most important - it flies incredibly well.
Happy flying!