is your graphics Intel X3100 by chance? I will do some hunting for you if it is. also you want to do a verbose boot (-v) because you need to see what the panic or holdup is. Usually a panic will say backtrace and say a kext file within a line or two after it, which you would have to manually delete it.
If it hangs because of intelcpupowermanagement, then I would try Nullcpupowermanagement kext or voodoo p-state kext. just to see what works for you.
http://www.kexts.com...-rc5-r1096.html
I installed that chameleon on my Lion Post install, and it seems to work very well.
Also I saw you have Core i3 which I think is sandy bridge chip. Look up to see if theres a patch for sandy bridge chips.
Good Luck