This method involuves Kingo Root App that you get here:
1 - Download LG's drivers to your PC under the Software Update tab from LG's website. Install the drivers.
2 - Turn on Developer Mode on your G Pad, System Settings-->About Tablet-->Software information-->Tap Build number 7 times.
3 - After Developer Mode is enabled, go to System Settings-->Developer options-->and place checkmark next to USB debugging.
4 - On your PC, go to the Kingo Root website, download and install the program.
5 - Plug your G Pad into your PC via USB cable, run the Kingo Root software and follow the prompts.
6 - Enjoy your rooted G Pad!
Thanks goes to @oesjmr and the Kingo People. Please post all bugs/issues here
Note that the app may say that the G Pad is not supported but it has been confirmed to work.
As always do this at your own risk, this may softbrick your devices and/or void your warranty
Some people have reported that some of your data and IMEI numbers may be sent to a Chinese IP address at the time of root (only a one time thing). You can use this at your own risk, it will give you root but I recommend removing all the data you don't want others to have access to before rooting. No one has reported anything happening with this data (no stolen accounts etc) but still should warn you. We also don't know the extent of it or what data is copied. If you are paranoid wait for a replacement method