Hello all, and thanks for the excellent work mmmark111.  I rooted my Optimus V earlier today, using RevolutionRed 's method here : 
http://forum.androidcentral.com/optimus-v/57485-how-root-lg-optimus-v.html
And I know it was successful since I have TitaniumBackup working and su was showing # when I was using the commands and such.
Now, I am trying to get ROMTools to help me 1st make a full backup, and 2nd put on RevolutionRed 's Stock + Xionia ROM.
I have thusfar connected my phone (yes, USB debugging is on) and ran ROMTools.exe after extracting your zip.  (PS- your instructions call it a different file name)  When I selected "Flash recovery to phone" it checks to see if I have root, by running its daemon script in cmd.  The script shows a $ for some reason, and says that I need to run the ROOT before I can flash.
Since I am already Rooted (nothing else has been done to my phone yet) is there any risk of selecting ROOT in ROMTools?  I am pretty new to all of this and after reading hundreds of different postings throughout the forums, I am quite nervous of making any steps that aren't explicitly explained somewhere.
If and when I do get the flash recovery working, it should save the recovery to my SD at which point I can use the "Flash ROM to phone" option to put a new ROM on, correct?  If something goes horribly wrong, how do I access and utilize the backup I will have made previous?
I know this is a lot to digest, and I appreciate anyone who can help.