Is it good for gaming? Well, basically, it's Windows 10 without most of the annoying garbage, and it will also miss the feature updates that Microsoft promised to push twice a year. It will likely work as well or better than the consumer editions, so I would say it should be good for gaming, but any actual gaming performance difference is likely to be negligible, and only measurable by benchmarking. In my opinion, the benefit is mostly in the end user experience.
When a new LTSB version is available, every couple of years, it has to be installed manually, but I don't see that as a problem.
Update: I have read that NVIDIA's consumer card drivers may refuse to install on the LTSB, so I strongly recommend you test drive it before you commit to it. If that's the case, I would have to say, no, it's not suitable for consumer gaming at all. I believe the problem is that the drivers require a certain version of Windows 10, and LTSB will always be on a lower version than the Current Branch version of Windows 10. Older NVIDIA drivers may support the LTSB, but I suspect you're going to run into issues updating drivers at some point.