Daniels is a great resource, but you have to read it ALL to understand it properly, not just pull up a single table based on one race time.
LT is the pace where you are not accumulating Lactate. Simple. But the pace will change based on whether you are tired and how long your tempo run will be. Daniels has a table that shows how much to slow down as you go longer. This is because LT is your 15K to Half Marathon pace. If you decide to run LT pace for 60min, you are running a race. If you do LT pace for 20min, you are doing a workout.
Generally, it is better to train slightly slower than LT, rather than slightly faster because you will almost always be tired during training phases and hence have a slightly slower LT. Also, you are less likely to over stress your body, but will still get the benefits of pace, respiration, and heart rate. Look at the Daniels training paces for a given Vdot and you will see they seem a little slow. This is because he advocates training at a pace you can handle (ie, your actual current ability not your pie in the sky goal) but still derive training stimulus.
A Lactate Meter is not a realistic tool for a runner out doing a solo tempo run. People need to learn to run by feel.