Took a brief look at Django document and flup code, I think it should work well with LSWS. Just a little tricky for the FCGI startup command.
If you want LSWS to manage the FCGI instances, you can try:
MaxConn: 20 (<50 is OK, flup support upto 50 connections by default)
Auto Start: true
Command: path_to_manage.py runfcgi daemonize=false (method could be threaded or prefork)
Make sure you do NOT specify host, port or socket command line option in LSWS managed mode. LSWS will create those sockets.
If you want to start it manually, just set "Auto Start" to false and the follow Django document.