You know what, after dealing with this problem for a while, that sounds exactly like the problem I'm having. WMWifiRouter will stop working after a while, and when I restart the phone I get the same errors. Internet Connection Sharing fails when I watch videos, very, very often while I'm watching YouTube or trying to video chat with someone. I actually watch my data transfer go from downloading and uploading to absolute 0.
I haven't contacted LG about it yet, but it's driving me nuts... >_<
EDIT: Just to double check, nev310, when your bluetooth fails, are you also using it to tether, either through WMWifiRouter, or through ICS? I ask because I use bluetooth for music at work all day and it never fails, but when I come home and use either ICS or WMWR it fails between 1 to 10 (at last count) times, without using a bluetooth headset.