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I think losers count is a VERY good method to estimate the power of 2 suiters.
With 55+ you often can find an 8+ card fit in one of the suits (yeah I know, we all remember those badly misfitting hands, but nonetheless everyone is still playing 2-suited overcalls

).
Of course, it is important for responder to know the second suit, in order to know which values will be working as "cover cards" (or, to put it in another way, which honors should be considered as "losers").
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2) very long suits, e.g. 7-3-2-1 shape.
I usually do when the long suit is in the major, and it works fine.
When the long suit is in the minor, the chance of ending up in 3NT short of real hcp is too high
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3) 3-suiters, e.g. 4-4-5-0.
3 suiters are very vulnerable to trump leads, cutting down the ruffing power and diminishing the number of tricks.
So, when our trump fit is 54, it is ok to count losers, since usually the opps cannot draw too many rounds of trumps.
With 44 fit, it is less clear. In that case i prefer to use traditional methods of hand evaluation.
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For balanced hands, it's even worse than for 3 suiters.
In this case, I usually bid normally, and sometimes use LTC only in really borderline decisions.
In any case, usually for balanced hands, the LTC and hcp requirements tend to converge.
E.g.
Pard opens 1S and you hold
Kxx-KQx-KTxxx-xx
Using classical guidelines, you have a borderline hand between inviting and bidding game with this hand (10 good working hcp + a doubleton)
Using LTC, an 8-losers hand should invite, and the hand has
2.5 spades losers, 1+ hearts losers, 2+ diamonds losers, 2 club losers = about 7.5-8 losers, that is, a borderline hand.
"Bridge is like dance: technique's important but what really matters is not to step on partner's feet !"