Hi Craig,
Firstly, the LPL 4x5 is a superb enlarger. I have a 4500II, wall mounted. The build quality is first rate and the ergonomics make use pleasurable. My only "negative" comment would be that the fine focus extension should be standard, not an option. I still have my D2V workhorse, and although a very functional, competent enlarger, the LPL was a quantum upgrade. So enough of the gushing commercial.

Secondly, the enlarger can be aligned in all three planes:
Baseboard - shims on the column base
Lens board - silvertape shims
Neg Carrier - adjustment screws on the masking plate.

I recently wall mounted the enlarger. The LPL wall mount brackets allow for alignment adjustments. I check alignment with 2 mirrors, one with a hole drilled. I removed the the base board, trued the column on the wall mount with carpenter levels. Levelled my enlarger station platen with carpenter levels. Checked alignment with mirrors, minor tweak to get straight reflections. Checked negative state, spot on. Checked 3 lenses mounted to boards, mounted to head. 2 spot on, 1 needed a slip of tap on one side to be spot on. Total time, and begrudging assistance from an 18 year old daughter, about 15 minutes.

Checked a couple of months later on format change to LF > MF, (Changed lense & board. Still spot on. Switched back...spot on. Never, never, was I able to align the D2V so quickly. Nor did alignment stay so reliably set. I still use the D2V w/coldlight occasionally. It is a great piece of equipment, but the LPL is better in every useful way.

YMMV,

Geary