Unlike some of the other derivatives, the Lightspeed program isn't aimed at the same kind of people as YC. I would be surprised if there are many teams well-qualified to apply for both. Further, after meeting with a couple people from Lightspeed, I doubt it's a derivative of Y Combinator. I think they are simply looking for ways to get in early with strong ventures.

(Disclaimer: I'm part of a team that applied for grant funding from Lightspeed.)