"Crossed or aligned" probably describes the state of my eyes when trying to think (apparently not very clearly) about polarisation!
I managed to convinced myself that, given there are two elements in a polariser, they worked like two pairs of polarised specs would work... if you hold them parallel (aligned), they let light through, but if you hold one pair vertical and one pair horizontal (crossed), they don't. If something like that were the case, then the orientation of the polariser itself would be irrelevant. But I was clearly wrong, and have just demonstrated so to myself by holding up a naked polariser, turning the front element until the polarising effect is seen, then turning the whole polariser through 90 degrees when the effect disappears.
So, d'oh!
Back to the particulars of the case, the focus ring on this lens is quite large and the focus is a little stiff, so if I focus and then adjust the polariser I'm unlikely to affect the focus. Could be annoying though, as I do find myself fiddling with the focus several times in a shot, particularly with the LX. And it's obviously a bit more hassle than the normal case of setting a polariser where you want it, and leaving it in position for several shots with merely a little tweaking to check.
Anyway, overall I think buying a CPL for this lens is worth while. A filter holder for grads OTOH would be a bit more of a pain, I think. I'll stick with primes in those situations! (Almost all my primes have a 49mm thread, thank you Asahi-1978!)
Thanks
@Nomad Z @rob-nikon and
@Woodsy