So, here's what I know about the bin file so far. It does have some sort of directory structure, but nothing I have in windows or linux can read/mount the thing. The beginning of the file contains the following directory list.
Modem
SBL1
SBL2
EXT
RPM
SBL3
ABOOT
BOOT
TZ
MODEM_ST1
MODEM_ST2
PERSIST
RECOVERY
MDM
M9K_EFS1
M9K_EFS2
M9K_EFS3
FSG
SSD
BSP
BLB
TOMBSTONES
DRM
FOTA
MISC
SYSTEM
CACHE
USERDATA
MPT
GROW
After that, there is reference to it being NO NAME and FAT16. For those looking to get a copy of the bin, attempt to flash your phone and watch the C:\PROGRAMDATA\LGMOBILEAX\PHONE\ directory. The "Phone" directory itself will be hidden so you will need to unhide it in what ever program you are using to directory surf. During the flash, 3 files will decompress. The .dll, .wdb, and .wdh. After that, a .bin.dec will form and then finally the .bin file. You will need to copy these files out of the directory as they disappear after the LGupdate program closes.
This bin file is what I am working on to either find a root method or a way to inject root into the file. If anyone else wants to take a swing at it, here you go. The file itself will be about 1.3GB