Right, the LT is long action only, with the exception of a couple of Winchester Short Magnum calibers that have a different bolt face size. The Featherweight has both long and short actions. Then there are some synthetics that I don't completely understand - the Shadow, etc.
I think "LT" stands for "Lightweight." It's as hard for me to believe in an eight pound "Lightweight" as it is for me to believe in a seven pound "Featherweight." It's all relative, I guess. I chose the "Lightweight" eight pound 300 Win Mag to help tame the recoil. Its 26-inch barrel balances at the front of the floorplate while wearing a scope, so the balance, at least, isn't an issue. Standard calibers in the LT have 24-inch barrels.
FWIW, in looking at a bunch of Winchester offerings recently, the LT wood quality was to my eyes significantly higher than that of the Featherweight. The checkering and fitting appeared good and roughly equivalent in both, however.
Jaywalker