Reason is that frame buffer effects aren't really too much to do with LLE. Approaching the effects with LLE won't give you advantages over HLE.
Frame buffer effects in N64 are actually not that complicate, even though it is not very easy to implement efficiently in modern PC's CPU-GPU architecture.
More inside about N64 frame buffer / rendering mechanism:
In N64, CPU and GPU (RDP + RSP) are sharing the same memory - 4MB/8MB RDRAM. After RDP has rendered some graphics into the RDRAM, it is just content in the memory, CPU, RDP, RSP can all use the content in a way or another. Most N64 frame buffer effects are to use the rendered content in the RDRAM as texture for later rendering. Another common way to use the content is the set the display buffer to a different location, so previous display buffer content is saved (untouched) and ready to be saved as textures (The BK jinsaw effect).
Having said these, you can probably see that LLE or HLE wont matter for these effects.
If a LLE plugin focuses on the LLE aspects, to run more unsupported ucode, it will make more sense and more impressive. You may want to just leave the frame buffer effects for now. It is not difficult to emulate such effects, it is the modern PC CPU-GPU architecture does not fit very well to N64 CPU-RDP-RSP architecture. The issue becomes more complicated if we want to use content in PC's video card frame buffer (high resolution content) instead of content in N64 frame buffer in RDRAM (There is actually no content there, unless you somehow copy the PC video card frame buffer content back to the N64 emulated RDRAM, and this is where COPY-BACK option in some video plugins comes from. And to do such COPY-BACK, we have to deal with screen size (resize), color conversion (PC RGBA8888 format to N64 RGB5551 format), etc.).
Rice