The LPM option may be from more recent versions than is compatible with your controller then.
Matrix Storage Manager is the equivalent to Rapid Storage Technology for previous controllers.
http://www.intel.com/support/chipsets/imsm/sb/cs-020644.htm
(note this is not current since missing recent 8/9/10 series chipsets but the information still applies)
I poked around in Device Manager, and it declares that I have the best version for the two storage controller modules in there, having pointed it to the folder where the IMSM installed its drivers, \DRIVERS\WIN\IMSM.
I just looked and the last iastor timeout error was yesterday just before noon. Maybe I should try the registry LPM hack shown in that video I linked.
I'm considering a few things, among them:
1. partitioning the 120GB Intel 520 SSD that I've had for almost 3 years, unused. Then restoring the backup of this laptop to it and see if I get any freezes.
2. installing Win7 from scratch either on this 180GB or the 120GB SSD. I don't really need the extra storage of the 180GB, I store what I care about on my NAS. I don't leave anything locally that's not on the NAS that I care about.
Before doing any of that I think I should open up the laptop and make sure that the cooling is in order, that the fan isn't encrusted with dust and such.
I still have the major issue that this box is unable to install updates. So far, I haven't cracked that nut. Maybe I should just install Win7 from scratch. I do have a pretty virgin backup from over a year ago I could try, and one a few weeks later, but maybe they're not really OK.
Edit Sept. 11, 2015: I managed to get Windows Updates working. At the moment, all important updates have been installed successfully.