Andrew,
I'm not convinced that the LPC and the skills test are the same thing.
I've just revalidated my license by LPC. All that was involved was a 1 hour flight with an examiner, looking at general handling, much like the old GFT (stalling, steep turns, PFL, other emergency, rejoin, normal circuit, flapless, efato, glide approach). There was no enroute section, and the examiner fee was only £85. (Cost of a/c extra of course). The skills test is more extensive (and more expensive - £135 examiner fee, if I remember correctly) and the general handling and nav are all integral to the test.
So, the message is, even if you haven't done your 12 hours, don't let your license lapse, or it'll cost you 50 - 100% more to get it back.
Pie