This should be my last update on this thread, sorry I never got back here but wanted to let you know what I ended up doing with my Orig Inc.
If you read my posts above, I wiped cache partition to clear system memory, installed update, phone did end up rebooting every night around 2:00. I wanted to correct my prior post that it really ended up re-booting more like 2-3 hrs every night. So it would start like 2:00 am and would sometimes go till 4:00 am. During the day, the phone would lock up, get really slow, sometimes not even connect to 3G and was just working really weird.
I've had my phone since it launched 2 yrs ago (phone has never been roooted), I am very familar with these system updates. So instead of calling Verizon or HTC and wasting my time, I decided to do a factory reset. Yes, it's a pain but I knew I had no choice because back then I was still undecided what new phone I wanted. (Today I am still undecided, looking at either the Razr M or Razr HD Maxx or iPhone 5)
So since all my contacts were already backed up, I did a factory reset, lost alot of my apps but it was the best thing I did for my phone. After the reset, my phone was actually better than it ever has been. It is now faster and I'm back to loving my phone, this is why it's so hard to leave my phone cause I still love it.
So all in all I am glad I did this update and then glad I factory reset. I even feel that my battery is more efficient.
I can say since my Orig Inc was my first smartphone, these android updates have not always been easy, never user friendly, one of the reasons I'm thinking of going to the iphone but being an android user for over 2 yrs I'm wondering if I can adjust to a new OS system.