Why use Blender as a middle step? OBJ format progressively dumbs down the model in this process.
LW opens FBX. FBX is the standard interchange format.
(...and exporting to LW2015 would only be a fail if something was not doing what it was engineered to do. Nothing is wrong in this scenario. What did you do when you had to save from a LWO2 to a LWO1 file? What did you sacrifice then?)
Hey Raymondtrace, some good points/questions ...
Export to 2015 from 2018/19 has never exported textures or basic settings for me. On a commercially purchased model with an infuriating number of surfaces and textures, alongside a tight deadline, this has been problematic - I would have expected basic settings to have been exportable from LWO3 to LWO2, but no.
Yeah good point about .obj being the lesser option - we had a commercial model which was only accessible as .max, exported terribly from Max as .fbx (a no-show in LW import), and so eventually had to go the route described above. Of endless options and settings tried, it gave me the end result I needed. Somehow Blender's fbx read did the trick on importing, but a re-export to fbx from Blender (for that problematic model) didn't work either. I think there was a fundamental issue in the model as it came out of Max.
I hope that answers your query ...