It all comes down to the judge. I have seen a judge let a hound run all over the place and swing and skirt and never score a minus. In that case the hound would do good in both formats. If a judge is more conservitive, then the same hound may get picked up. It just depends on how the judge sees it and how he scores it.
The only real diference that I can see is the "minus" in PP that isn't in LP. If judges don't score a minus on a hount commiting a violation, then it might as well be LP.