Brian Cartwright at Fangraphs does an introductory analysis of LD% and how it relates to BABIP. Many analysts use LD% + .120 to determine simple eBABIP and to see if a player is "under expectation." Personally, I use best fit lines from historical data, but I'm researching other methods as well.
But I digress. Check out this article for some interesting research, and Tom Tango's short take over at his blog.
WTF TANGO IS A CONSULTANT FOR THE MARINERS ASDASFDSGSDGSDFSD