Welcome to the AC forums JE and spliffmonkey.
Unless I'm missing something, you're very unlikely to find anyone who can, or will, make a custom Android port to a non-Android phone. It is a huge undertaking, and may not even be possible.
Firstly, the hardware would have to be capable of running Android. Does it have 128MB or more of ROM space? Google says it does... OK.
Do Linux driver exist for every item of hardware on this phone - ROM, RAM, Memory access, storage, camera, interface to telephone and SIM card, battery, buttons, etc. No - so someone would have to make such drivers.
Do external API specifications or other documentation exist for this hardware so people can make drivers? I couldn't find any.
Once you have the drivers, you then need to find a way to install custom operating systems on the phone. Usually, phones protect themselves against incorrect firmwares being installed. With Android, it was possible to gain root (i.e. super user) access, and bypass this protection. However, Android sits on top of Linux, which has a variety of known exploits as it's commonly used for a PC operating system. LG uses its own OS, so common rooting methods applied to Linux simply won't ever work on this phone. It probably isn't possible to install specialised firmwares without special hardware like, with most Nokias.
Assuming you get past all of those hurdles, you then need someone to port Android to the phone. This person would need to be extremely knowledgeable of Android, Linux, coding in both C and Assembler (for Linux and drivers), and Java to port Android itself. As the LG uses a processor I've never heard of, knowledge of Assembler programming on that processor will be extremely limited.
A few years later, if someone gets it working, then who's going to use it? Not many. So is it worth it? Would anyone take the risk of undertaking this challenge knowing they may be just wasting their time if they can't get it to work?
Finally, there will be very few apps that work on it. Apps, these days, have to be built to run on specific handsets because they have different screen resolutions, etc. The SDK from Google allows for this, but as the LG BL40 will not be a standard build target for apps, so developers won't be able to build their apps to work on the BL40. Some will work, but the best ones won't.
The final nail in the coffin would be that when an update for Android comes out, you'd have to go through half of the above process again.
I don't mean to be rude, but how come people are buying non-Android phones and expecting them to have Android on them? Why not buy an Android phone in the first place? There's looooaaaaaaads of choice now (some 30 odd handsets from various manufacturers), and it's a lot less work to just buy a cheaper Android surely? For example, the BL40 is ?400 on Amazon, but you can get an HTC Dream for ?250, or a HTC Hero for ?350.