John,
In my one and only experience with raw milk, I decided to LT pasteurize, exactly as you have outlined -- 30 minutes at 140°F -- because I knew it had travelled some distance to get to me, and wasn't altogether sure how well it was transported. I'm happy to say that the LTP milk still produced fantastic curds, so far better than P&H milk. As to taste, I don't have a way to compare to what it might have tasted like without the LTP, but it was a very, very good cheese. Very. Extremely. Did I mention it was good?
Bottom line: if, like Kern, I knew and trusted the source, I would happily use the milk raw for cheeses aged 60+ days, but otherwise I wouldn't hesitate to LTP it.