If you can master the technique, spline/sub patch based modelling is probably the closest you'll get in Lightwave to real Nurbs. Check out Philips McLaren tutorials here on the site for the real skinny.
The general consensus though amongst most modellers is to try and keep your model with as many four point polys as possible (as opposed to polys of other dimension). This way, you should be able to subpatch/subdivide/freeze with minimal distortion of the surface. Of course this doesn't hold true for all situations, but for the vast majority.
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