I recently purchased the S&W:WB PDF for the printable digest-sized booklets, and they are great! I should also note that I had already purchased a physical white box a few weeks before, but like the idea of being able to print more "play copies" that I wouldn't have to be concerned about getting trashed.
I have printed up a copy of LL in digest booklets, but it's not laid out for that and looks crappy. The type is too small and the giant gaps at the top and bottom of each page are bothersome. Furthermore, it was a little challenging to figure out how to best divide the book up into multiple booklets.
I think offering this format could be a good move for LL. I know that in my experience, it was very helpful to get my 3E group to try the game, to be able to print them up a copy of the character and spell books. I am of the opinion that this low-cost lead-in can ultimately lead to more exposure to the game, and in turn, more physical book sales.
Perhaps my situation is unique (I own a laser printer and a long-reach stapler), but if you agree and would like to see this product, and would be willing to pay for it please post.
If you think I am crazy and am all alone on my little island of digest-sized booklet love, then feel free to post that as well.
Thanks for your consideration of this suggestion!
edit: I've taken a stab at doing this conversion myself. However, I'm a big noob when it comes to these things, so please leave feedback, suggestions, and point out any errors you catch. If you like it and would like to see more of the content similarly converted, make a post and if there is sufficient interest, I will do my best to deliver. Thanks!
Book I: Characters (revision 0.05)