Although LR provides a way to preview an output by going into the UI that allows the parameters to be selected to export an image, it is rather cumbersome. It would be very useful to provide a one-click preview of the contemplated export. Capture One provides this with an icon that looks like a pair of eyeglasses.
LR has a "Soft Proofing" check box, but I don't know what if anything it does other than turning the background white. I use my watermark / signature in three colors (white, black and gray), and I use one of them depending on the image. Currently I don't have a good way to tell which signature might best work for a photo without first exporting it as a JPEG. Instead, if the Soft Proofing showed me what the exported image actually looked like, I could change my watermark.
Hope this is useful input.