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This is a layout tool and can be assigned to a shortcut or a button in the user interface.
As with all tools, it has to be dropped once you're done with it (the easiest way is to press the space bar).
The panel exposing the settings can be opened using the n key any time the tool is active. The settings are stored in the LightWave 3D config directory for the LightWave 3D version you're running.
This open is only available if First Polygon Only is disabled.