You'll lose double tap to turn screen off. Screen on still works. But there is an app (screen off and lock) that solves that problem.
You can still use it w/ Nova, but you have to double tap on the status bar to turn the screen off. Screen on double tap still works of course.
OP,
I say just go ahead and grab Nova and give it a whirl. You can try the free version (but if you like it I'd upgrade to Prime). The great thing is that you can't mess anything up! Seriously, you can't! If you tinker with Nova and you dont like what you've made, then just go back to the stock LG launcher. No harm, no foul, you are only out some time...that's it.
If you go w/ Nova, do some searching for icon packs. The ones listed above are a good starting point. Also, be sure to check out the other recommendations on the screen. And if you find an icon designer you like, then click on their name & look at all the icon packs they've created. Couple of things I'd suggest w/ Icon packs is to see how many icons they have themed in the pack & see when the last time it was updated. I generally wont buy an icon pack w/ fewer than 2000-2500 icons. As far as last update, new apps comes out all the time, so you want icon packs that are getting updated or at relatively new so they'll have most of the apps you need it for.
Then you can start playing w/ weather widgets, clock widgets, etc, etc, etc. I easily spent a good 3 hours just putting a theme on my phone to have something I could live w/ for a while when I got it. I think it is kind of fun, and it can really make a phone feel fresh to me again after a while.