Our patience is being tested so lets cooling down, yet our phone still usable for daily usage, don't we?
I don't know the specification of LG P350, even GSMArena doesn't mention it..
Honeycomb is only for tablets, not phones and there's no point in porting it.
As far as ICS is concerned, i think 175mb ram won't be enough. Of course i guess some devs may port ics for 256mb devices like popular galaxy ace. But for p350, journey is going to end at GB.