I have updated this message, as after trial-and-error takes I've got success finally!
As you can see, the VI is in runnable state and behaves without any errors. My steps to reproduce:
1. Unpacked lvlibp with 7-Zip unarchiver (as I'm on Windows currently) and pulled out "2" file (LIBPLBVW resource).
2. Extracted the inner resource blocks with readRSRC.py -x -i "2" command, got 2.xml, 2_DATA0.bin to 2_DATA4.bin and 2_LVzp.bin files.
3. Unpacked 2_LVzp.bin with an unarchiver, got NI_Embedded_Library.xml and Untitled 1.vi files.
4. Extracted the inner resource blocks from Untitled 1.vi with readRSRC.py -x -i "Untitled 1.vi" command, got Untitled 1.xml and a bunch of various resource sections.
5. Renamed 2_DATA0.bin (from step 2) as Untitled 1_VCTP.bin and placed it near Untitled 1.xml.
6. Added the following text to the end of Untitled 1.xml (before the last </RSRC> tag):
<VCTP>
<!-- VI Consolidated Types -->
<Section Index="0" Format="bin" File="Untitled 1_VCTP.bin" />
</VCTP>
7. Packed the .xml and all the resources into a single VI with readRSRC.py -c -m "Untitled 1.xml" command, got Untitled 1.vi.
8. Extracted the inner resource blocks from Untitled 1.vi (again!) with readRSRC.py -x -i "Untitled 1.vi" command, got Untitled 1.xml and a bunch of various resource sections (is done to get VCTP processed correctly).
9. Opened Untitled 1.xml and removed everything from <LIBN> to </LIBN> (including the tags as well) changed the library name extension from .lvlibp to .lvlib (between <LIBN></LIBN> tags). To wit, this line
<Library>Untitled Library 1.lvlibp</Library>
should be turned into this
<Library>Untitled Library 1.lvlib</Library>
10. Packed the .xml and all the resources into a single VI with readRSRC.py -c -m "Untitled 1.xml" command, got Untitled 1.vi.
11. Renamed NI_Embedded_Library.xml (from step 3) to Untitled Library 1.lvlib.
12. Opened Untitled Library 1.lvlib in a text editor and altered the lib URL to point to the new location. To wit, this line
<Item Name="Untitled 1.vi" Type="VI" URL="Untitled 1.vi"/>
should be turned into this
<Item Name="Untitled 1.vi" Type="VI" URL="../Untitled 1.vi"/>
13. Opened the VI (LabVIEW did the library reload from the new path and reported), opened .lvlib.
14. In Project Explorer untied the VI from the library w/ RMB -> Remove from Library menu option, saved the both files w/ File -> Save option.
Now the VI runs fine, so it might be a time to simplify this tutorial a little 🙃 If your tools could support lack of VCTP and recreate it automagically, that would be great for sure.