How to use LPC with WNR2000v1 when used as WAP, not router

I am using the WNR2000v1 simply as a wifi access point. I rely on a Cisco firewall on my outside interface, and would not really trust the Netgear device as a perimeter device. Will LPC only work when the internet port is used, and receives a public IP?

I have attached a basic drawing of my network setup...