Some teachers think it's a good idea even if you do all higher level subjects (I do) because an exam might not go well on the day, we have completed most of the portfolio work this year (5th year) Very undecided
if you are looking for over 500 points then I wouldnt recommend LCVP. It is an easy subject to pass but the time spent on portfolio and doing the LCVP work will mean lossed time on other subjects which will be worth more points.
I think it's worth it not just for getting points but in life as well; it's also like a "filler" for TY if you've skipped it.
The subject itself doesn't offer too many points but if you need to fill up a margin of points after the other 5 subjects have been calculated, it's pretty good.
I would recommend it as a 7th subject only though; after you've chosen 6, more-point-giving, strong subjects. LCVP is more like an add-on that can be very valuable to you for points and otherwise outside of the LC programs... you shouldn't rely on it as one of your max point subjects.