I want to say that i'm not working with Lightwave, but..
Where is the problem to export file to .obj and use it in octanes standalone? If you tweek the scene You simply reExport and reLoad it to Octane. Where is the problem?
A lot of guys do this, even if they work with 3dmax - the plugin is not finished (you can not preview materials in editor etc.) so better to export and use in standalone anyway.
I believe everyone would be happier if they would develop the standalone FIRST and then slowly & gradually make all the conections (plugins to various platforms/software packages).