The best workaround I can find is to make a small mfile and embed the marked-up text in comments,
%%
% For a given energy |E|, the *primary* signal is:
%
% $P_E(u,v,\theta) = \exp\left[ -\mu_b(E) L_b(u,v,\theta) - \mu_w(E) L_w(u,v,\theta) \right]$
This will be properly parsed when saved as .mlx, and can then be freely copy-pasted into a larger LiveScript.