I had some minor issues updating, the LG Support Tool kept saying I was up to date, plugging the phone in and rebooting it while plugged in resolved the issue (the LG Support tool was saying I was already on the *y release).
The update itself was problem free after that, installation took no time at all and all apps are functional. Reboot the phone 1 time after that as it seemed a little wonky. After that everything has been great, GPS works much, much better now and the phone seems much more stable.
It's starting to seem more and more this phone is a perfect storm of issues from LG and T-mobile.