Not a few hours back did I post about how to install Recovery which helps you install custom ROMs and now here is a tutorial to install CyanogenMod 7.2. CyanogenMod 7.2 is the best ROM for LG Optimus Me as of now and is great for daily use. I am using it on my LG P350 right now and trust me, it works great and with this, you can increase performance of LG Optimus Me. It is highly customizable and very easy to install. Make sure you follow all the instructions carefully.
Disclaimer: BlogoTech is not responsible for any damage that might be caused to your device during this process though the possibility of any damage is negligible. Try this at your own risk. This process has been tested and verified working on LG Optimus Me P350.
What is Working
Headphones(with Microphone when calling)
Tethering (USB) with 3rd party application
What is Not Working
Some problems with BT audio on phone call
Changing volume in radio
Back up all of your applications before you proceed.
Back up all contacts and SMS to SD Card.
Custom Recovery needs to be installed. If not installed, refer this guide.