I attempted to update my phone using LG's god-awful mobile update tool, and it crashed while the software update was @ 4%. Here's my word of advice: DON'T USE IT.
Luckily enough for me, when I disconnected my phone's battery while it was stuck in emergency mode, turns out my phone wasn't bricked and rebooted into V20a. I then decided to try using the KDZ update tool with the ROM Karendar gave the link out to, and lo and behold the phone updates perfectly to V20b.
Update notes that may be useful to those who were having similar problems:
-I selected "DIAG" under the "PhoneMode" drop-down menu in KDZ prior to launching the software update. This was due to the fact that the phone *was not* in emergency mode any longer.
-I shutdown my phone before launching KDZ, and began updating while the phone was showing that image of the battery to indicate it was charging. The phone would not be detected if it was booted up.
-All my apps, settings and files were kept after the update. The only things that were lost were all the mods, such as the advanced power menu, overclocking capabilities, and that fancy CRT TV sleep animation.
-I was using a custom recovery as well as Jiilik's v008 rom and did not encounter any issues while updating with them installed.
I'm very surprised LG actually fixed most of the outstanding issues with this phone even though Telus doesn't even sell it anymore. The only issue I have with the update right now is that they still have not re-built the drivers for the brightness sensor to work with Android 2.3.
Happy (And hopefully lucky) updating!