internet load balancing

Absolutely. That's exactly what Link Controller is for.

F5 BIG-IP Link Controller

If you're just looking to balance outbound connections for HA, you can do that with just a plain LTM. To do the inbound, you need GTM functionality. As Kevin said - LC is exactly what that is for.

isn't LC on its way out?

nope as of now its not the case. you can go for LC