I was wrong. It does not appear that PocketExcel will open an LVM file, at least not in Windows Mobile 2003 on my Dell Axim X50v. However, there is a fairly easy workaround, if you have a copy of Excel (or OpenOffice, which is free). Open the LVM file in Excel, save as an Excel binary (XLS) file, then drag the Excel file to your synch folder. ActiveSync will convert the XLS file to pocket Excel format on transfer. You can then open it in PocketExcel. You can use ActiveX to save directly to an XLS file, or use the report toolkit to make your life a bit easier.
It is possible that you can do this, since I am a fairly new Windows Mobile user. I tried a simple copy of the LVM file and tried changing the file extension to .txt. I could not get PocketExcel to even look at it, although, as you mentioned, Pocket Word opened it with no problem. Diving into the documentation did not help much either. If anyone else having a bit more experience has a better solution, I would love to hear it.