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Andyo70 thank you for you tutorial.
I have just tried this method 2 times step-by-step, exactly as you showed, on two different computers. But unfortunately same result - screen goes black (on 86%, after first reboot, screen goes&stays black, metro greeting sound).
edodonnell has posted up a BIN file in this thread: http://androidforums.com/lg-optimus-m/272153-downgrade-fail-3-times.html#post2250035
Using this instead of the TOT file in my bundle will get you back to a working phone but you'll have 2.2.1 again.
I have Components 5 folder in the LGNPST folder and I also set reggie.exe to run in XP Comp Mode. also did MS690.dll on reggie as well and still the same thing.