I know personally if you are using Sure Thing CD Deluxe Labeler - you can do both. Lightscribe and Label Flash. I use both mediums all the time. Sure Thing works great on both and detects which one/or both you have installed.
Where can I get "Sure Thing CD Deluxe Labeler"? Are you sure that a labelflash Bu-ray/DVD drive can use both type of media? I read somewhere in this site that the media discs were not compatible with one another. Thus, I assume that a lightscribe disc will not actually work with a labelflash drive.