Just to clarify, yes you need to be rooted to use the Rezound as a WiFi hotspot, but you do not need a custom Rom. I am rooted but otherwise stock, I use an app called WiFi Tether and it works great!
The only thing that I'd like to work better on the WiFi app is I wish it could utilize the full speed of my 4g. My phone can be pulling ion 50mbps download from the tower, but it will only pump out maybe 10mbps on WiFi tethering. Maybe a little faster, I don't recall, but it was nowhere near 4g I was receiving. I don't know if even the actual Verizon hotspot app will do it.
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There is a clause in the contract which specifically states any systematized transmission indicating a possible intelligent origin must be investigated. --Ash