I think I like this idea but the way I see it is:
I still think farr should be on its own, likewise lbc; but I think it would be neat to have a plugin or a menu item in lbc to link to the farr directory and "mount" farr in to a menu item in lbc (see picture).
This way farr can continue on its own development path, as does lbc; you can just "mount' farr into lbc. I would think the farr configuration options are still controlled in farr. Lbcs config screen would be the same except the options used to link to farr.
one option could be a hot key overide that, instead of bringing up farr in its own dialog, would set the focus and cursor to the mounted farr - so basically the operation is the same, you would just start typing in the mounted farr instead of a separate window.
Another option could be to somehow share the information in lbc with farr, like the paths of the buttons in lbc. I dont know if this would be usefull but...

I run both all the time and I like the idea of a link, or bridge, between the two but I dont think I want to see them merged into one big program.
This way everyone can run the programs how they like.