Ah, I see. You want to know whether LF theory can be used to predict reactions, yes?
I'm afraid it usually isn't used this way. Like MO theory, it's primarily used to determine structure and predict some electronic properties. I suppose in principle it might be used to predict thermodynamic favorability in a general sense, but even here it would be tough. MO theory and LF theory are both fairly qualitative. Even more quantitative versions like Huckel theory only give crude approximations. For anything really coming close to predicting real bond energies, you need a more sophisticated model, typically some kind of ab initio approach. And even these do a somewhat poor job with transition metal complexes (or did, back when I was more involved in this area) because a lot of the better approximations break down for heavy nuclei (relativistic effects, spin orbit coupling, etc.). And even if you could use LF theory to predict bond energies with precision, you still would have to deal with kinetics, a whole different ball game.
So, while LF theory can generally predict what structures are likely to be more stable than others (i.e., planar vs. tetrahedral for an iron center), predicting the products of reactions is going to be far more challenging.