Aside from Lightwave, I'm a video editor as well. Since you're getting Premier you could export as a Quick Time. Most folks have QT. Or, I'd suggest Windows Media Format. Good renders and small file sizes with both.
ANY AVI file is going to be HUGE, since AVI isn't really a compressed file format.
Also, don't let Lightwave compress the rendered animation. Output from LW as an Image Sequence. Then import the image sequence into Premier and render as a QT or WMV format.
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