I cannot speak on the LR function of the Leupold as I have a Boone and Crockett Rectile on a VX-III 4.5X14 40mm.
However - I can state that stepping up to the VX-III from the VX-II is a good decision. I have a shooting partner that has a VX-II 50 mm installed on his 7mm Ultra Mag. We tested the VX-III 40mm side by side with his VX-II 50mm and the VX-II won hands down on all accounts. We were judging clarity, low light visibility and color contrast. Hands down the 40mm won against the 50 mm. If you can afford it, I suggest saving up for the VX-III in whatever rectile you choose.
Those results make me wonder how well the quality is on the VX-III 50mm which is the scope I am saving for to place on my SAKO 75 7STW