Well I sorted it by myself.
It appears the issue is with the Asus Striker II Commander Motherboard. I removed the LG from that Box, and put it into my main Box with it’s Asus P5N32-SLI Deluxe MB. I disconnected my Optical Drives (Plextor 716 & BenQ 1655).
The LG flashed immediately with no issues. I re-booted and Win XP “saw” the revised drive and Nero Info Tool advised the Firmware was indeed installed.
I migrated the LG back into the Striker II Box and all is well.
I hope this post helps someone else someday as I struggled with this a long time, surfing the web, leaving messages, etc., before taking a practical approach. Maybe it will save someone a few hours.