Quite right, and as Nodge says, someone will be along who can explain. So I'll do the honours.
Type : This as the OP should know is the Type of vehicle, doh! The codes should be read backwards, of LF should actually be read FL and means that the vehicle was originally shipped as a Front Loader and would have had one of these mounted to the A pillars...
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Variant : This refers to the armament installed. As we all know front loaders need good armament and LR recognised this with their LF Freelanders and offer a range of options, as can be seen by the complexity of the code. At this point I will need to annoy the OP again by informing him that I do not have a full list of options, but there are some parts of the 54ff2f code that can be deciphered. For example the first digit refers to the air blowers, a code of '5' means very hot and is the most common as it will frazzle any opponent's hair within 1 second.
Version : This is a code allocated by the JLR marketing team. It refers to the target customer base of this type/variant combination and history has proved their marketing team quite accurate in their assignments. A code of 'b5h8' means d
ick heads.