if you mean emergency mode for download mode (qpst calls it download mode but the phone screen says lg emergency mode in a huge font,) no, and unfortunately, no.
have you tried adb while it's looping already? if you have a first-gen optimus v with pv5 firmware, you can
to get into a blue-screen mode where you can use fastboot to flash a recovery.
if it was an optimus s there is firmware to flash in emergency mode.
the optimus v has a half-ass firmware released by lg which was deliberately crippled for virgin mobile, it won't install without a proprietary .dll file inserted into the firmware. that .dll has never been exposed to the public, according to all the searching I've done.
if you flash the sprint firmware (zv7 or zv9 are easily rootable,) your phone service and sms messaging will work. your data will not, except through wifi, and your mms messaging will not work.
your home and menu buttons will also be permanently reversed during boot, so booting into recovery becomes menu+vol dn+power.
if you had an original pv5 firmware optimus v, you will also lose access to the bootloader (using fastboot.) a pv7 optimus v won't go into the bootloader anyway.
once you flash the sprint firmware, you can never revert to the virgin mobile firmware unless someone working for virgin gets fed up and leaks the firmware in a usable form.