I just discovered a new LaunchBar trick – the “Instant Send”: select your text and highlight it, then press Ctrl-Alt-Command-L (your text will then be taken care of by LaunchBar) and choose the app you want your text to appear in (in my case TX for TextEdit). Voila – TextEdit will launch and open a new document with the highlighted text inserted.
Saul Rosenbaum has written a nice post on GTD via shell by way of launchbar with a few helpful instructions.