I should mention that if you want to get “fancy” there is a hack around this. It’s good enough for now until v2 comes out with the ability to set custom fields from LL.
Say you return a Live Lookup tag for location:
And you want to be able to set that to a custom field. What you can do rather than copy and paste is add a link to the displayed results that will add it at a click. The code to do this is as follows:
All you’ll need to change is the content of the link and check which custom field ID you want to insert into. Then switch the 1 in Custom1 with the right number. You can find the custom field ID in the custom field screen.