Let me comment on some of these things
Full disclosure: I'm currently maintaining LuaVIEW and I'm the lone LabPython programmer, who did this in the first place to find out how the script node could be used by someone outside of NI. And once I had that, I realized that wrapping those functions into VIs would allow real dynamic access to the Python engine. At about the same time my collegue started to develop LuaVIEW for a rather large customer project. We had quite some fun arguing over if Lua or Python was the better language. While that view is a personal taste it is clear that Lua is a very much self contained and extremely compact scripting environment that is much easier to embed in other systems like LabVIEW. In fact Python, at that time at least, had no real intentions to actively support embedding of its engine into other environments. The API was there and it could be done, but the Python developer community was in general unresponsive to any suggestions of improvements in that part.
Unlike LabPython LuaVIEW does NOT have a script node interface but only a VI interface that not only allows but in fact requires to pass a script at runtime.
While LuaVIEW doesn't do that out of the box currently it would be not a to complicated project to develop that. But I'm not convinced about the need for that.
Aside that LuaVIEW is free for non commercial use, the initial purchase costs are usually the smallest parts of a projects cost. Any decent software programmer will incur the license costs of a commercial LuaVIEW license in two days of programming an alternative solution. Two days is very little time for such a thing as a scripting engine.