There has been a complete tutorial on how to flash LG Ally ROM. Following is the instruction I pasted from LG Ally forum, for someone who are searching for it. Hope it helps you, good luck! LG-Ally info
How to flash LG Ally ROM Steps: LG Phone Problem and Solution
1. Download LG Ally driver’s, even if you have Windows 7 its still a good idea to get these drivers so fastboot doesn’t freeze when you boot into it to get to recovery.
Download Here: LG Official Service
2. Get the AllyRR tool, makes it a lot easier to get to recovery.
Download Here: AllyRR (Root and Recovery Tool) WINDOWS
3. Download a ROM that you like and put it on your phones SD Card, put it in root of the SD Card dont make any folders!
4. Connect to phone to computer, open AllyRR and click "Do it", you might get stuck at the fastboot the first time you do it (its a blue screen), if its stuck there for like 2min than pull the battery and re-do it. Fastboot require’s drivers to be installed and AllyRR tool quit’s as soon as computer starts installing drivers.
5. Once in recovery backup everything, go to "Backup/Restore" and do nandroid back up.
LG has formally made available complete source code of LG Ally kernel and is available for public download on the LG developer website. This source code is meant for advanced users who know how to play with the kernel source code.
Stay tuned and we will very soon post the complete guide of how to upgrade your LG Ally to Anroid 2.2 Froyo. LG-Ally info
You can download the complete source code from here:
Verizon LG Ally VS740 Phone Photos - LG Cell Phone Pictures
Today someone ask me how to turn off keyboard shortcuts on LG Ally? This design, resulting in inaccurate misoperation. If you don’t want the shortcuts, okay, just turn off the function. LG Phone Problem and Solution
How to turn off keyboard shortcuts on LG Ally Steps:
Well, you’ve turned off keyboard shortcuts on your LG Ally, nothing will activate on accident. Good luck! LG-Ally info
Verizon LG Ally Android Phone Photos - LG Cell Phone Pictures