I have not seen this, but if the LG tv can create a network stream with the live signal it should work. VLC cannot act as a tv-tuner, you need hardware for this.
I'm using a very very good standalone tuner, HDHomerun that you connect to your network and plug in your antenna, then you can watch TV with VLC from any computer on your network. There are two HDHomerun models, one is dual-tuner - the other is also a dual-tuner but are able to stream to multiple systems on the network. This is only FTA channels btw.
HDHomerun needs a driver you can install from synaptic - using this box with my MythTV setup, streaming live and recorded tv over wireless from the backend,http://www.silicondust.com/