Are you sure your LG Optimus V could provide infrastructure mode WiFi hotspot? Most phones can only provide ad hoc WiFi hotspot due to hardware limitation. The default G-Tablet cannot connect to ad hoc mode WiFi hotspot without a fight, so you must make sure your phone can do that. (I'd definitely go buying an Optimus if it can do that)

IMHO 7" has better form factor than 10" tablet, as such it can be slip into the inner pocket of my suit. Again, stock android cannot connect to ad hoc wifi, has no bluetooh-PAN profile. You need to research a bit to get it tethering to your phone. Otherwise, you'd better get the 3G version (if available) and plug your sim in it.