Yes, the Client/Server mode is for 2 pcs. That way you can save the memory and cpu of your game pc mostly for the game.
In that mode you just run TB in Server mode on the game pc, and it uses the minimum to run TB. The on another pc you run TB in Client mode and connect to TB on your Game pc(server). When you touch buttons on the touchscreen on your client pc, TB sends those keystroke macros to TB running on the game/server pc and it sends the actual keystrokes to the game.
I read a few days ago where someone posted about
running Client and Server on one pc using VMWare and another instance of XP as a virtual machine. But I have not done it. He said it worked and didn't slow his game down. I don't run in client/server myself, only in local mode. And I also have not used Lovp yet, so I'm not much help there either, sorry.