If the fund has liquid LEO that it doesn't want to power up, this is exactly how I'd do it too.
I've talked about pooling LEO on my blog before, with a comparison being made to the bLEO:BNB LP on Cub.
My thinking remains that choosing the BeeSwap LP, the risk is lower because any impermanent loss against LEO, would just see us end up with more HIVE.
An asset that especially the LBI fund, can't ever have too much of.
As for the BXT rewards, yep I would also say sell them into HIVE as soon as you get them too.
Can't go wrong here :)
RE: LBI getting into Beeswap LP's