Well that's no real solution (as it's just a fake and doesn't give you the desired effect on just one edge) and also doesn't do anything to the basic problem of Lightwave's handling of smoothing groups, vertex normals and hard/soft edges...

This here pretty much shows the problem behind it:


That's also why someone developed this shader for Lightwave:
Without:


With:


So if you're going for something you don't want to have a very high poly count it gets - well difficult to hardly possible. You also can have a look at THIS THREAD (where those pics are from)...

Enjoy your meal
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