It always comes up multiply by default. I've seen a few things look good like that but most don't. I've also found that you can completely change the chatacteristics of the material in LW and it doesn't hurt anything. Thus, I've srarted removing the graphic texture from all the parts that don't show (toenails inside shoes). You could probably completely create your own eyeball whites and pupil using just the LW materials. The retina (or whatever the colored part is could probably be created too but might be a bit more work. Or you could just have your character(s) wear sunglasses (and use Lightwave's reflectivity).

Before they made me they broke the mold!
http://home.roadrunner.com/~kflach/