The LSB offers five settings of the Divine Service.
LSB I and II stand closest to LW and LBW; though with some adaptations. They offer (though as an option) the fullest form of Eucharistia found in LSB. Of the two settings, it is my opinion (nothing more) that DS II is stronger in musical presentation. Though less well known in the midwest, it is a staple across swaths of the East coast and the West coast. It is worth learning. Compare the Agnus Dei in either rite and I think you'll see what I mean.
LSB III is essentially the common service (as found in TLH p. 15). Except for the Eucharistia, it offers the closest approximation to the Roman rite in the book; rather in the line and heritage of Luther's Formula Missae.
LSB IV might be described as an Americanische Messe - it follows Luther's precedent in using hymn tune paraphrases for the ordinary of the liturgy, but unlike the Deutsche Messe, anything that is not a hymn tune is spoken. This rite also offers an invariable preface and a changing Eucharistia depending on the season of the Church Year following the Sanctus.
LSB V is likely to be relegated to Reformation festivals - it IS mostly Luther's German Mass with a few felicitous changes; yet the heavy music of the Canticles make it unlikely to ever be a weekly service here in the States.
Should a parish use all the settings? I don't think it wise, myself. There is nothing wrong with a parish basically sticking to a single ordo. Still, if more than one order is used, I think there should be in each parish a chief setting that predominates. Frankly, the historic weight of LSB III commends itself in that regard; its sturdy music does not wear thin with frequent repetition. Thus, I'd recommend assigning DS III for all Sundays outside of Easter; either DS I or II for the weeks of Easter; DS IV for weekday services that are sung; and DS V for Reformation or Presentation of the Augsburg Confession and such.