In a word, it works. And works quite well on Mountain Lion.
This is basically the current scenario.
With CrossOver 12 (and 12.1), the CrossTie installer does "hic-up" at the end (about 6 hours in).
However, the actual PMB Client download has completed at that point and control has been passed off to the Turbine Installer -- which successfully runs to completion before it also "hic-ups," another 45-60 minutes.
Neither of those "hic-ups" are fatal. The respective parts have all completed, and they "hic-up" occurs at "clean-up."
Simply x them off, quit CrossOver and re-launch.
If you do not have PyLotRO showing in your Programs menu, select Configure / Clear and Rebuild Programs Menu .
A few moments later, you should find PyLotRO in your Programs menu. Select it and your bottle, and away you go!
As for the Turbine Launcher. It still does not work in WINE and therefore CX and WINE itselff still require the use of PyLotRO.
If you want "fast access" for future forays into Middle Earth, When the LOTRO Ring from PyLotRO appears in your dock, right click on it and select, "Options" / "Keep in Dock."
In the future when you click on that icon, it will first launch CrossOver and then PyLotRO ... a process which might take a minute or so.