So I guess this is a classic case of RTFM. After looking over the specs on phone scoop, I noticed it stated Yes under Custom Ringtones which got me thinking that maybe the manual actually stated how to add them. Sure enough after searching for "ringtone" in the pdf manual, I found hints towards what I needed to do to get ringtones recognized.
TLDR: Save mp3 files to your Audio folder on an SD card that are both 300kb and 30 seconds or less. While playing the file from the music player or sounds section, click the Use As button in the upper right of the screen and you should have the option of selecting Ringtone or Ringtone ID.
Coming from always having to hack phones to get them to do what I wanted actually hindered me in this instance.
I used the technique (among others) suggested by jadedpony with no luck. Even going so far as talking with LG customer support didn't help. So I kept experimenting. Since the c395 accepts several audio extensions, I started trying others for ringtone files.
What worked for me was to place the files on the sd cards audio folder in wav format. The wav files are considerably larger than mp3 so don't move them to your phone memory. Some of the files that were well within the mp3 limits for the c395 as acceptable, were decidedly bigger, converted to wav but worked as ringtones perfectly. Use them as ringtones directly directly from the sd card. To assign a ringtone, play one you want to use and select 'USE AS' for either you standard ringtone or a personal ID ringtone.