LG Optimus Me P350 is a mid range Android device and also affordable. I own an LG Optimus Me and a few hours back I had to install Custom Recovery on LG Optimus Me P350. I would like to share the same with you. The custom recovery for LG Optimus Me P350 is based on AmonRA-GNM 2.2.1 but I used the same for 2.2.2 and it worked fine. Before you proceed with the steps to flash custom Recovery on LG Optimus Me, make sure you check out my guide on how to root LG Optimus Me P350. The guide has two methods, the first one works when you have not updated the firmware and the second one is for the updated phones.
Please note that custom recovery on an Android phone lets you install custom ROMs and you can also install customized linux kernel. Also, you need to root your phone before you proceed.