Shooting to Laptop

[Sheiky]

Will it allow some basic manipulation, just to get an idea of how the image looks?
Obviuosly actual editing would occur in lightroom

I believe you can use it as sort of an extended live-view. Manipulation-wise you could only use the camera-profiles and such I think. But I'm not sure. I haven't used it in a long time.
Now that you're mentioning Lightroom. You can also use tethered shooting in Lightroom itself. I just tried it and you seem to be needing the live-view on camera to focus. You can use Lightroom to apply the settings and your pre-sets. So if you have the preset you want, you can easily use Lightroom. I don't think Lightroom can function as an external live-view however.