I think there's a diff in that one can be finished with a custom at the LBC stage, but a if you stop at kitbashing you're likely at an unpainted WIP stage.

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The way I`ve always looked at it is that an LBC is made with no parts altered. I`ve always seen kitbashing as making parts from different toylines (and companies) work together, and that could include making major alterations. I always thought a custom could be both, but that the terms were talking about different aspects of customizing.