Michael Phelps began his swim toward the London 2012 Olympics with a dominating performance at the Austin Swimming Grand Prix Saturday night at the University of Texas.Phelps took an early lead in the 400-metre individual medley final and never looked back, cruising to a win with a time of 4 minutes, 16.95 seconds, well off his world record time of 4:03.84 he set at the 2008 Olympic Games in Beijing.16-year-old rising star Missy Franklin was outdueled by Allison Schmitt in the womens 200-metre freestyle final with Schmitt passing Franklin over the final 50 metres to claim a win in 1:55.83 with Franklin finishing second in 1:57.86 and Katie Hoff taking third place in 1:59.34.Olympic star Ryan Lochte was well off his usual pace, only manging a fifth place in the 200-metre freestyle final and third in the 200-metre backstroke final.