Grindhouse doesn’t attempt to do the cleanup and stabilization that would be done to more involved restorations. The color correction is usually pretty basic. Missing frames are common, although this one is fully GOUT-synced. Basically, watching it is like watching the film at the end of its run in a cheap second-run theatre. A bit banged up, but watchable. It’s an informal term for this sort of preservation, not an official term.

LPP just says what sort of 35mm filmstock it was (Lowfade Positive Print), because especially when you’re dealing with old faded prints, that is sometimes relevant (low-fade doesn’t mean no-fade, especially after decades of non-ideal storage conditions). Some filmstock fades differently or worse than other filmstock. This could be relevant if you’re trying to fill in missing frames using another film scan – mixing filmstocks could give you different color or grain characteristics.