The landmark black hole images recently taken by the Event Horizon Telescope (EHT) have allowed the detailed study of the immediate surroundings of supermassive black holes (SMBHs) via direct imaging. These tantalizing early results motivate an expansion of the array, its instrumental capabilities, and dedicated long-term observations to resolve and track faint dynamical features in the black hole jet and accretion flow. The next-generation Event Horizon Telescope (ngEHT) is a project that plans to double the number of telescopes in the VLBI array and extend observations to dual-frequency 230 + 345 GHz, improving total and snapshot coverage, as well as observational agility. The Large Millimeter Telescope (LMT) is the largest sub-mm single dish telescope in the world at 50 m in diameter, and both its sensitivity and central location within the EHT array make it a key anchor station for the other telescopes. In this work, we detail current and planned future upgrades to the LMT that will directly impact its Very Large Baseline Interferometry (VLBI) performance for the EHT and ngEHT. These include the commissioning of a simultaneous 230 + 345 GHz dual-frequency, dual-polarization heterodyne receiver, improved real-time surface measurement and setting, and improvements to thermal stability, which should enable expanded daytime operation. We test and characterize the performance of an improved LMT joining future ngEHT observations through simulated observations of Sgr A* and M 87.