When I say "100% tested" I don't mean tested to failure. I mean that all of the parts are tested to some specified value, such as the strength values of sitka spruce. Since most grades of LVL are stronger than sitka spruce the LVL would presumable pass without breaking, and if a given piece were to break it would be discarded. It seems to me that this testing scheme might be possible.

Your comment about statistics is well-taken. Of course, the same comment about statistics applies to solid lumber as well. One only has a degree of statistical confidence that a given piece of aircraft grade sitka spruce would meet spec if it were tested to failure. There is always a chance that it is a statistical outlier and will break under load. In the spirit of statistical reasoning, LVL lumber is generally more uniform in properties than solid lumber, and this should give greater confidence that an individual piece would pass muster, even if not individually tested, as long as the test results for similar pieces were good.

Regarding strength values, fb for coastal sitka spruce is listed as 1300 in the 2018 National Design Supplement by the American Wood Council (souce:

https://awc.org/pdf/codes-standards/publications/nds/AWC-NDS2018-Supplement-ViewOnly-1805.pdf). Looking at some values for LVL, Westfraser lists fb for their lowest grade of LVL as 2750, a little more than twice as strong as coastal Sitka spruce. Their highest grade is listed as 3100 for fb (source:

https://www.westfraser.com/sites/default/files/products/LVL/LVL Users Guide - Canada v0415.pdf) There are of course other strength values to consider as well. Also, other vendors will have different specifications for their LVL products.

With regard to weight, a year or so ago I picked up a couple of scraps of LVL from a construction site. I measured the density of the pieces and they came out to be 35.0 and 35.2 lb/ft3, which is heavier than Sitka spruce (typically 27 lb/ft3) and close to but a little heavier than douglas fir (typically about 32 lb/ft3). It is lighter than another aircraft wood, white ash (about 42 lb/ft3). I should say that I don't know what the strength specifications are for the two random pieces of LVL are that I picked up at the construction site because they weren't big enough to read the full stamp information on the boards, but the wood in the LVL I picked up looks like douglas fir.

Also, the laminations in the pieces I picked up are about 1/8" thick, so a piece cut to, say 3/4", will have 6 laminations. If one layer were bad it might decrease the strength by about 17% worst case (naive calculation, assuming the bad layer had 0 strength). Actually, it typically wouldn't be that bad.

One more thing, this with regard to weight. I just calculated the density of the 3100 fb listed by Westfraser and it came out to be 40 lb/ft3, which is a little heavier than the two pieces of LVL that I picked up. However, in terms of strength to weight ratio (3100/40=77.5) that is still quite a bit better than sitka spruce (roughly 1300/27=48)