I've just finished writing a little CSharp app that will take the .lwo output from the exporter and downsample to an arbitrary density grid (well, not quite arbitrary - grid dimensions are 2^n + 1; ie, 17x17, 33x33,65x65, etc). The purpose is creation of chunks of terrain data for use in a real-time rendering engine; the downsampled data, the image rendered while outputing the lwo (base terrain texture), and texture coordinates are then output into a custom file format.
It wouldn't take a whole lot of work for me to re-use the .lwo reader and downsampling code, and export the downsampled grid in .obj format. I could probably put together a program that would give you what you wanted in just a couple of days. Interested?