Thanks everyone for responses.
@Middleman I had tried some of those already. device-id is optional for HD 530 as I understand from dortania's guide but I put that in as you suggested. framebuffer-fbmem is optional and I had tried that in the past but not this time. I didn't see npci=0x2000 nvda_drv_vrl=1 in NVRAM section - so, nothing to remove. PciRoot with gfxutil shows the output slightly different than dortana's guide. Full list of gfxutil output without -f is attached - perhaps I am missing something.
% mac/gfxutil-1/gfxutil -f GFX0
04:00.0 10de:1c82 /PCI0@0/RP05@1C,4/GFX0@0 = PciRoot(0x0)/Pci(0x1C,0x4)/Pci(0x0,0x0)
Still no luck. black screen right when login window shows up. attached the config.plist screenshot.
@Feartech before disabling the dGPU with PCIe root, I set the "DVTM Pre-Allocated" ("DVTM Total Gfx Men" is set up 256MB) to 128MB and 256MB. Both didn't work.
Some other observations:
1) kextstat shows that some Nvidia kexts loaded (when I am able to login without trying to disable dGPU)
kextstat|grep -i -e "nvidia"
Executing: /usr/bin/kmutil showloaded
No variant specified, falling back to release
112 0 0xffffff7f9b8c7000 0x2000 0x2000 com.apple.nvidia.NVDAStartup (16.0.0) B7E8FE3A-5A44-3EA0-9A3B-345B583BFF31 <14 5 3>
2) NVIDIA PCIe card fan is spinning