OD Config is a Modeler & Layout Plugin to let you store and restore Lightwave configs easily.
Options:
The Configs are stored in the config folder with odcfg and odmodcfg as extensions. When switching between different Lightwave updates and using separate config folders, all you have to do is also copy the odcfg and modcfg extension files, and they will be accessible from the Select Stored Config pulldown.
Here's a how-to video showing OD Config in action.