After a little hacking, there is now a new VoUpgradeUT.exe that can be used to upgrade those 1.07.01 bootloader roms without getting stuck at 10%! Its a hack of the VoUpgradeUT.exe that comes with the Greek Qtek upgrade. Turns out there was a mismatched password (similar fix as florin's fixed.exe).
This can be used to upgrade phones with the Imate ROM to the O2 ROM, for example. Theoretically it should be able to upgrade any ROM with bootloader version 1.07.01 or 1.07.02. As a plus, just like the Greek Qtek upgrader, it never gives you an "Error 117"... enjoy!
Disclaimer: Use at your own risk!