All game ROMs will be available soon for both LED and LCD on the SUPPORT page, but the store won't list configurations with problematic installations. This doesn't mean you can't Macguyver something if you really want to, but it won't be supported.
Examples of problematic installations: LCD will not work for CV (space is too small) or T3 (game mechanisms are in the way). LCD is also not recommended for DE games with plastic speaker panels as the LCD sits too far back in the cabinet unless you permanently modify the speaker panel.
LED: 128x32 discrete RGB LEDs. Small form factor. Brighter and more vivid colors. Fixed smaller size dots - can't take advantage of smoothing or other rendering modes. Susceptible to ghosting artifacts due to undesirable capacitive effects.
LCD: 1920x1080 backlit LCD screen (only a portion of the screen is used). Original proven design sold since early 2012. Pixels are used to draw dots. Six rendering modes (DOTS, DOTXL, TILE, 8BIT, SCAN, and HIRES). Large dots and smoothing modes minimize black space making text easier to read. Smoothing modes are popular for cartoon-like animation.