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SD Card Size?

+1 this.
You can move some apps to the micro SD card using "App2SD". The rest will reside on the internal storage, of which there is less than 178MBs.

Rooting will void the One Year warranty.

If space is still an issue, go to the All Things Root sub-forum and look in the All Things Root Guide sticky/ Link2SD and you, a tutorial.
Then check out the first two guides in the ATR Guide sticky which explain how to root a LG Optimus V.

Read, read, read........then ask questions. If this is something you feel comfortable doing then we will be happy to walk you through the steps, both of rooting and installing Link2SD as well as give you any other advice you might need.
 
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