Thank you for the tutorial. A few comments:
1) Initial Request Timeout is too short, should be set to something like "60", otherwise, litespeed may think the request has been failed for a request that needs more than 1 seconds to process.
2) Instead of starting the FastCGI server manually, you can have LiteSpeed start it automatically. Set "instances" to match "Max Connections", no need for those command line options.
3) LiteSpeed does support Load Balancing, to do that, you need to define multiple FastCGI app, and one "Load balancer" app.