Quoting from the Glassfish EJB FAQ :
The EJB spec only requires local ejb access from within the same application in the same JVM.
and
The EJB Local view is an optimized EJB
invocation path that uses
call-by-reference semantics. It is
only available to web components and
ejb components that are part of the
same application as the target EJB. That's why ejb-local-ref is not even
part of the schema for
application-client.xml. To access
EJBs from an Application Client or
stand-alone java client, you'll need
to use either a Remote 3.0 Business
interface, a 2.x Home interface, or
web services.
The LCM lives outside the application containing the EJB, by definition, so, the answer is no.
When I discovered them, I saw all kinds of interesting applications for LCM's, but as I discovered more and more limitations (the fact that they are GF-specific included) that enthusiasm mostly disappeared.