Thank you for the reply.
I guess I was a tad unclear in my second paragraph. It is the official HP driver that causes the BSOD (AMD High-Definition Graphics Driver 2011-11-18 , Version 8.882.2.3000). If I use the NON-HP drivers, the blue screen issue goes away but I have a non-alterable dim screen. Restore the official HP drivers and blue screens return when using the "High Performance" GPU. With the official HP drivers, the "Low Power" GPU does not cause BSODs. Something is not right with the current official HP driver for the Radeon 6770M.
I tested the NON-HP drivers for 5 days without a single BSOD (albeit at 30% brightness). Removed and installed the official HP driver and BSODs returned within 30 min. Don't think it is a hardware failure issue, because I'd expect BSODs with both drivers. Much more likely to be software/driver related problem.