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LV as Leviticus is actually proper intepretation. LV-426 refers to the sacrifice the Company was willing to do in order to obtain alien organism. The sacrifice was Kane specifically and entire crew generally. LV-223 refers to Leviticus 22:3, "Tell them that for the generations to come, if any of their descendants in a state of uncleanness approaches the sacred offerings that the Israelites consecrate to the LORD, that person must be cut off from My presence. I am the LORD". Humans came to their their creators as unclean and were meant to suffer punishment for being unworthy.

However, it is symbolic meaning of these names, not literal in-world meaning given by corporate or state astronomers. Life viable seems most logical.

Leviticus is one interpretation, but not one made by either Cameron or Lindelof.