I let a compiled a zip file with everything you will need (except the ROMs) located at the bottom of this post.

ROOT
1) Make sure you have USB Debugging Mode and Unknown Sources checked in your settings.
2) Open Genotools from the zip file.
3) The program will open, click the 4th tab (last tab on the right).
4) Ensure that your phone is plugged into your PC.
5) Click the 2nd ROOT button.
6) A popup window will appear, press OK.
7) Your phone will then have a popup window, click the "Restore My Data" option.
The phone will restart several times, leave it for a few minutes.
9) This is the odd part... The phone will likely not stop restarting, and when you try to click the unlock key for the screen, it will automatically restart. Disconnect the phone. It should continue to restart.
10) Force the phone off.
11) Restart the phone.
12) If you have SuperUser, you are then rooted. If not, repeat these steps.

RECOVERY
1) Take the recovery.img from the zip file and place it into the root folder of your external SD card.
2) Download a terminal emulator. (If you are unable to download one, use the trick described near the bottom to install one onto your phone.)
3) Open the terminal emulator.
4) Type in "su" then hit the return button.
5) Now type in the following:

dd if=/sdcard/recovery.img of=/dev/block/platform/sdhci-tegra.3/by-name/SOS
(and press the return button)

6) You should see a few lines beginning with 14052, if not, then the above input was not typed correctly.
7) The Chinese ClockWorkMod is now installed on the phone.

GET INTO RECOVERY
1) Turn your phone off.
2) Hold the Power button + Volume Down button. When the ZTE logo comes up, count two seconds and then let go of the Power button (continue holding the Volume Down button).
3) You will enter into ClockWordMod, but it will be in Chinese. Use the Volume rockers for up and down, and the power button to choose.
4) There is a PDF document in the zip file that contains some information as to what is what, but I will describe the standard processes here (the menus are top-to-bottom on the phone, which are written left-to-right here):

The Main Menu:[*] Reboot system now
[*] Select zip to flash/install
[*] Wipe data
[*] Wipe cache
[*] Backup and restore
[*] Flash memory/Format
[*] Advanced setting
[*] Turn off phone
The Zip Menu:
[*] Install from zip
[*] Install from internal
Wipe Date:
[*] Confirm wipe data
[*] Do not wipe data
Wipe Cache:
[*] Confirm wipe cache
[*] Do not wipe cache

Backup and Restore:
[*] Backup
[*] Restore
ALWAYS MAKE A NANDROID BEFORE FLASHING ANY ROMS TO THIS PHONE!

FLASH A ROM
1) Find a ROM from this forum
2) Place the ROM in the root of your SD card.
3) Enter into ClockWorkMod recovery.
4) Wipe data.
5) Wipe cache.
4) Follow the menus above to get to the zipped ROM inside your SD card.
5) Click the power button to choose the zip.
6) Your ROM is now being flashed.
7) Follow the left arrow (the last selection) on the menus to get back to the main menu.
Choose the first option on the main menu to reboot.

Note: a) Your ROM will probably be in Chinese. Find the Settings icon and click it. Go down to the Language & Input setting and click that (it has a capital "A" next to it). Click the top setting and you will have the choice between Chinese and English.
b) You may not have an English keyboard available, so use the 4.2 keyboard I have included in the zip file to flash in ClockWorkMod in order to type.

INSTALL GOOGLE PLAY
1) Download and install a file explorer like Root Browser. (If you are unable to download one, use the trick described at the bottom to install one onto your phone.)
2) Take the three files from the zip file for Google Play and place them in a folder on your phone that you can reach easily with a file explorer.
3) Open up your file explorer.
4) Move the three files to the "/System/App" folder on your phone.
5) Give the three files each the same permissions (Read for all three groups, and Write for User).
6) Restart your phone.
7) Google Play should now be installed on your phone.

Notes: a) There are cases where it will have two Google Play store icons, but they should both work and not cause problems.
b) If the store does not show, redo the process above.
c) This trick does seem to work on other Galaxy devices (and maybe other android devices) as I successfully did this on a Galaxy Note N7000.

INSTALL FACTORY ROM
1) Place the "update.zip" file in the root of your external SD card.
2) Go to Settings.
3) Go down to About Phone and click that.
4) Click on System Updates.
5) Remove the check mark.
6) Click OK.
7) Your phone should restore to whichever factory update file you have.

ROMS
Official
1) Here is a link to the original ROM: U950V1.0.0B02
2) Here is a link to the next official version (best GPU performance, but some games may have issues): U950V1.0.0B14
3) Here is a link to the second-to-last official version (worst GPU performance, but stable): U950V1.0.0B18
4) Here is a link to the last official version (better GPU performance than B18, but not B14, also stable): U950V1.0.0B22

These are all the official ROMs. I will now begin uploading some custom ROMs.

Note: I only have a free MediaFire account, so these will last around 15 days. I will try to put them up on something better later. Download while you can!

TRICKS
If you need to get apps in order to perform the actions in this guide you can do the following:
1) Download the necessary apk file online.
2) Open the 4.2LatinIme.zip and delete the keyboard apk (or not if you have yet to install it).
3) While the zip is open go into "/Sytem/App" and place in it any apk you need installed.
4) Boot into ClockWorkMod recovery.
5) Flash the zip file.
6) Your apps should install after a reboot.

Note: I have noticed that certain apps do not flash so you need to download an alternate apk if you absolutely need it. However, once you have the right apps to install Google Play, you should be able to download any apps from there.

ZIP FILE
Here is the zip file to download.