For those who don't like the restrictions Lenovo put on their system, here's a BIOS mod that will get you back at least some of the freedom you should have over your own hardware.
WLAN card whitelist removed, any (hardware-wise compatible) card should now work
hidden BIOS menus unlocked
VBIOS tweaked for more performance and better tuning possibilities
Keep in mind that not necessarily all of the BIOS options available with this mod will be fully functional, so use the new available settings with care.
If you're unsure about something don't change it and ask here, someone might be able to help.
Available for v1.07 / v1.09 / v1.10 and v3.05.
v2.04 and v2.07 added (only whitelist removal as for now)
If you have a different BIOS (or more specific, a BIOS newer than 3.05) I will need a copy of it in order to make it work for your system.
Instructions for flashing the modified BIOS v3.05:
You need a USB stick prepared to run DOS, here is a guide you can follow in case you don't know how to do this:
Guide by @StamatisX - thanks!
>>> Before continuing make sure the AC adapter is connected to your laptop and your battery has at least 20% charge remaining. <<<
(0) - NOTE: This step is Only necessary if your system isn't already using BIOS v3.05
Update to the official v3.05 BIOS provided by Lenovo .
(1) - Create a backup of your own BIOS (now v3.05) by using Fptw64 tool.
Extract the files and run the included .bat file from an admin command prompt. .
(2) - Download Lenovo_Y510p-Y410p_[v3.05]_modified.zip and put the files of folder  to the root of your prepared USB DOS stick.
Let the BiosFixer prepare your BIOS for flashing by drag and dropping your backup file on it. Put the created "v305mod.bin" file to the root of your USB DOS drive as well. .
(3) - Now you need to downgrade the firmware back to v2.07 (Y510p-Y410p_v207_[stock].zip) in order to flash the mod. .
(4) - Boot from your USB DOS drive, when you see the command prompt type BIOS and hit enter. Wait until the BIOS is flashed (you can safely ignore warnings about non-existing regions). .
(5) - Once the BIOS flash completed with no errors, type EC and hit enter. Wait until the EC is flashed. Then reboot. .
(6) - Go to the BIOS setup menu, load the default settings, apply and reboot.
Done. In case you're using an ultra bay GPU follow the instructions in post #2 and flash the vbios..
NOTE: It's crucial that you flash both, BIOS and EC. Having different EC and BIOS versions can in certain situations lead to issues.
IMPORTANT: If you want to go back to stock v3.05 you can do that easily by simply using the official update from Lenovo. That's it, nothing additional required in this case.
Old instructions for users with v1.07 / v1.09 / v1.10 or v2.04 / v2.07 who for some reasons don't want to update to v3.05:
Video walk-through of bios settings (thanks @allstone):
My donation link in case you want to buy me a beer
Download link for files referenced in this post: