At work here we use the Ola Hallengran scripts to run out backups to a dedicated backup server. I have added a final step to the user database and log backup jobs to run sp_RestoreScriptGenie and, basically, save the T-SQL RESTORE script in the same directory as the backups. If disaster strikes we have the recovery scripts saved in the same directory as the backup files.
Regarding LSN's, the checks were added later after I saw the '31 days of disaster recover' series by SQLSoldier. They are basically his checks appended to the procedure. It hasn't been a problem for me during many executions and (I think) worst case scenario is you would need to comment out one of the transaction log restores if it were a problem. It has been tested with empty log file backups though and they are not a problem.
Regarding the incorrect paths, you can override data/log/backup file locations and in the restore commands it builds and it shouldn't matter. I wasn't aware of the SQL Server 2005 connect item to be honest although the procedure has been tested with SQL Server 2005 <-> SQL Server 2012.
Thanks and best wishes