Unhappy LG Optimus L5 E615 Bootloop

I saw many posts regarding LG E615 being stuck in bootloops. I had rooted my phone a month back, yesterday i went in for a software update.(Mistake i guess) and after the update when the phone reboots, it started going into a boot loop. I had backed up my data before i updated the phone using LG PC Suite. Now when i switch on my phone, the LG icon keeps flashing on and off. Also when i go into Emergency Download mode, it starts installing the Drivers on the laptop but the LG USB Mobile Modem driver doesn't install. I even installed the driver from external source, but still to no avail. I have already downloaded the firmware for flashing my phone altogether, but will that result in all backed up data also being deleted? Or is there any other way by which i can get my phone working? Also, i forgot to mention but i am unable to open the Recovery mode of the phone as suggested on net as Pressing Volume down+Power and then releasing and pressing Home button. Please help