LPFMs are usually licensed with a horizontal power, but under the rules, they can use any kind of polarization as long as the antenna is omnidirectional. As a practical matter, with the proliferation of automobile window antennas (my '11 Chevy Malibu) or oddball whips (my '05 Ford Focus), I wouldn't use anything but CP on either an LPFM or translator.
OK, here are some practical numbers. I assume an antenna in pool-table country (e.g. corn & beans Midwest somewhere), so antenna height above ground is AHAAT. Thus: 100 ft. tower, 120' of Andrew 1/2 foam for feedline, and a CP antenna, (I used the SWR FM/1 series for gain figures, comparing full wave and half-wave spaced systems):
For 1 bay the gain figure is the same, .441, so a TPO of 273 w is needed for 100 watts ERP
For two bays, full wave, .959; 1/2 wave .695 TPO full wave:126 watts; half wave: 173 watts
For three bays, full wave 1.495; 1/2 wave 1.012 TPO full wave 81 watts; half wave: 119 watts
Theory is fine, but $$ usually rule. A single bay in this example requires a 300 watt transmitter. Go with a two bay, you can use a 150 watt transmitter, while a half-wave spaced antenna will probably mean buying that 300 watt transmitter. At which point you can money by going with the single bay.
Now look at three bays--a bit much for an LPFM, but still makes my point. Full wave spacing would allow use of a 100 watt transmitter; 1/2 wave requires the 150 watt transmitter.
Remember LPFM transmitters must be type certified (believe that is the current phraseology), as opposed to type approved. Limits the available transmitter options.