From LightWiki

UB LightWave configuration files can be changed by placing the 'redirected' config files into a folder named "Preferences" in the same folder containing the Layout and Modeler applications. For example, the following image shows a 'custom' config file location:

This allows the config files to 'follow' the location of the UB applications, such as being placed onto a USB flash drive. Alternatively, it is also possible to place config files into a "SharedSupport/Preferences" folder, which can be used to avoid cluttering the folder containing Layout and Modeler applications. The former folder supersedes the latter, and both supersede a user's "~/Library/Preferences/LightWave3D" folder. For example: