I rechecked the settings just a little bit ago, and where they were on the Ultimate (Settings > Display > Home Button LED) doesn't even exist. I tried a few 3rd party apps, like Light Flow, and Light Manager, and those didn't work either. As for the IR blaster, the phone comes factory installed with "QuickRemote" which uses the supposed IR blaster. I installed AnyMote, which reports the phone has a "LG Internal IR Blaster" as well. Not to mention, I can see the blaster next to the headphone jack. I'm just really confused as to why any of this is.
Oh I see. Your right. If its covered the n it wont work and it has to be paired to a LG TV or something. You probably already know that. Have you tried it on a different TV?