So I got the upgrade, this is how it went:
1. Unenrolled from the Insiders program through the Windows Insiders app.
2. Enrolled again this time in the slow ring.
3. Tried the update again.
4. Update downloaded, prepared to install, asked for phone restart.
5. Phone restarted, gears appeared...
6. :-(
7. Freaked the hell out!
8. Downloaded Windows Recovery Device Tool.
9. Now the phone won't leave the gears for more than 30secs-1 minute before :-( appeared again.
10. Device Tool won't recognize the phone unless is turned on, so I had to get to the recovery clicking as fast as I can on those intervals of time.
11. Image started downloading, the first time the phone was on showing Nokia for a good 5 minutes or so, half of the image downloaded.
12. Phone restarted, a message among the lines of "something went wrong and download couldn't finish" was shown.
13. Cursed at the world.
14. Once the phone restarted (btw, it will be automatic since the phone is connected to the USB the whole time), clicked on try again and download resumed.
15. Repeat previous step for 5 times or so.
16. Installed image.
17. Windows Phone 8.1 installed.
18. Realized I had a backup from 6 days ago
18. Ran updates for 8.1, 2 or 3 updates I think.
19. Downloaded Insider's app again, enrolled in slow ring, downloaded build 10586.107
20. Realized backup from 6 days ago was replaced with a backup from the same day (this overwrote my apps and start screen since I cancelled all the app updates in 8.1 to make the process faster, also like 75% of my app were WP10 app and didn't even try to update)
21. Cursed at the world again.
22. Got notification for scheduling a phone restart to install build 164...
23. Stared at my phone for a good 5 minutes.
24. Decided to move on with my day and leave the recommended time, 3:30am.
25. Woke up this morning, phone has the built 10586.164 installed, everything is working fine.