This is an idea that has come up and i have an idea for it that could be relatively simple and useful in a broader context.
What if i had an option called in LBC called "Mirror shortcuts for this launchbar in a directory"
If you check that, LBC would actually create a directory tree with standard windows shortcuts to the files in the launchbar.
You could use this shortcut folder in many capacities, including pointing FARR to it for quick searching or browsing.
Alternatively, i could write a farr plugin that could read LaunchBarCommander .mcf files and let you search them.