I would like to inform that TrueGroup v1.0 has been released!
"TrueGroup is LightWave special node to better organize nodes in editor. It allows adding, removing, cloning, renaming, changing type of any input or output. There is no hardcoded limit of inputs and outputs. Using TrueGroup you can make your own custom materials or shaders, that look like real nodes. You can load and save group as one node for use in other projects, without having to carefully select nodes in group. Editing nodes in group is done in separate Node Editor independent from regular Surface Editor's Node Editor. You can have multiple nested TrueGroups, one inside of another, without limit."
(please use Save File As.. and watch in off-line player!)
In this video TrueHair Previewer has been used as real-time interactive previewer..
Example custom materials with custom inputs: