Trogulating framistator?!? ;D
I've never heard of that.
It's usually called a regulator or a driver IC. And the no load issue is not really an issue, it's just the way current sources work. A current source always tries to give the load as much voltage as needed for the desired current to flow through it.
A linear regulator, like the 317 will also behave the same way. With no load it will try to increase the voltage to reach the current that is set, but it can't, so it maxes out at slightly below the supply voltage.
But since LavaDrive is a buck/boost driver, it can make a voltage lower or higher than the source. And with no load, it will do the same thing - try to increase the voltage, to make the desired current flow through the load. But since the load is air, it will just keep trying to increase the output voltage untill it fries itself.
This issue can be solved by soldering a Zener diode of a high enough breakdown voltage (higher than the Vf of the laser diode) across the output in reverse. As the driver would increase the voltage, it would reach the zener voltage, and the current would flow through that diode, and the circuit would be saved. This would cost some PCB real estate, and the driver would be bigger, but in most hosts it should even be possible to use a regular through hole zener.. You can ask Dr_Lava how to do this if you're worried, but if you have your LD permanently soldered, everything will be just fine.
When the Vf is too low, this doesn't endanger the driver itself. It is just, that it will dump all the current it can through the load instead of the current you set. With a diode this can't happen, as it's voltage drop won't change unless it's dead already. The only way this could be a problem would be if you were setting the current in this state. Once the driver would again have the proper load, the current would not be what you thought you set it to. It would be lower i think, or maybe you couldn't change it under those conditions anyway..
If you follow the instructions i already gave you, and are careful with the diode, everything will be ok.
Anyway, good luck on your build! Looks like you're all set. Make sure you post some pics when you're done.