Hi Jonni,
HANA LCM can not control SLT Replication. It is only used to configure/create the SLT replication. Controlling each of the individual tables still takes place within Data Provisioning within the Modeler perspective, or you can also control the SLT replication from the SLT server as well.
HLM (HANA LCM) is mainly used to control/transport development objects, deploy HANA content and upgrade the HANA system to later revisions.
You can take a look at note 1836498 and in order to install HANA LCM you need to have studio revison 60, SAP HOST AGENT 7.20 PL 150 and SUM SP05 Patch 6 or higher.
As for working out of the box, HLM is listed in the auto_content folder and hence did indeed automatically deploy. You can check this by going to the following package path -> sap/hana/xs and within this package you should see an lm package. However this is just the web gui version of HLM and you still need to install the server side part as per note 1836498 mentioned above.
Cheers,
Sharan