The LMS-5400 (and the related LMS-Ultra) has really, really low inductance. Just because it is LMS doesn't mean inductance is necessarily huge. If I remember correctly, the LMS-5400/LMS-Ultra has a full copper sleeve and a large shorting ring. Indutance and inductance variation is minimal...better even than some underhung drivers.
The LMS-5400/LMS-Ultra is simply the lowest distortion driver I have ever seen measured and every review I have seen of it has been glowing. I have an LMS-Ultra on it's way here and will let you know what I think of it, but the performance others have experienced speaks for the driver already.
As for other comments, the mass of the driver can be considered a bit of a highpass filter the same way that inductance is a bit of a lowpass filter. In this case, inductance is so low that your upper frequency extension is not a concern, and there is enough mass to give you pretty strong low frequency extension. Of course, the low frequency performance will mostly be dictated by your enclosure. The mass is relevant in that it is used to describe the driver's damping, but is not a significant limiter on the upper limits of your bandwidth.
You've got a great driver. The amount of port area will depend on the power you have on tap. I probably wouldn't even bother with a flared port as it will be tough to get the length of each individual port into the enclosure. I'd do a slot port with at least 100 square inches per chamber. It would be a lot easier, no doubt.