Lightwave modeller here...
Unfortunately, player models with Lightwave seem like a nightmare - the exporting between LW and either MS3D or 3DS causes all kinds of scale mismatches. Also, all the sample files available are in 3DS format. On top of that, I don't think weights assigned in Modeller export out to 3DS files (that is, if you could even find the right skeletal structure.) It looks like making custom player models will be made more difficult if you want to use LW.
However, you can make custom weapons with LW quite easily. I've made several so far. If you need help on using LW and MS3D for weapons, PM me and I'll help you out.