No, if you logged in as the admin you should be able to create shortcuts to any account. You can also create (thru your control panels) areas that are accessible to all accounts which can be valuable for files you want to share.

In the words of super mod RaaF: "If you make shortcuts from the LW .exe to each individual desktop, everyone has their own LW with their own files.
A private .limewire and Shared folder is autmatically created by LW for each account"