We present new results from the SCUBA Local Universe Galaxy Survey, the first large statistical submillimetre survey of the local Universe. Following our initial survey of a sample of 104 IRAS-selected galaxies we now present the results of a sample of 80 Optically-selected galaxies. Since SCUBA is sensitive to the large proportion of dust too cold to be detected by IRAS the addition of this Optically-selected sample allows us for the first time to determine the amount of cold dust in galaxies of different Hubble types. We detect 6 ellipticals in the sample and find them to have dust masses in excess of 10^7 solar masses. We derive local submillimetre Luminosity Functions and Dust Mass functions, both directly for the Optically-Selected SLUGS sample and by extrapolation from the IRAS PSCz survey, and find them to be well-fitted by Schechter functions. We find excellent agreement between the two LFs and DMFs and show that, whereas the slope of the IRAS-selected LF at lower luminosities was steeper than -2 (a submm Olbers Paradox), as expected the PSCz-extrapolated LF flattens out at the low luminosity end.