LFE is usually used to denote the dedicated .1 subwoofer channel in Dolby Digital or DTS encoding. That would not be sent to or through the TV.
However, if your system is setup to just send the full stereo signal in two channel to the TV, then I see no reason why that full signal would not then continue to the receiver. There it would perform the crossover duties and make sure the bass was redirected properly.
Actually,... no. The LFE or .1 is it's own track and is different from just low frequencies that are sent to the sub. Basically what will happen when you hook up your TV output to the receiver in you will get stereo sound. If you want 5.1 you can use one of the surround modes of the receiver such as Dolby Pro Logic II matrix which will decode the signal and out put it to 5.1 speakers (or 7.1, 6.1, 5.2, or whatever you have set-up). I do not believe any LFE channel (if present in the broadcast) will pass through the TV outputs.
So,... yes, you can get low frequencies to your sub from the TV but not the LFE.