As chilly pointed out, it (along with duration) controls the amount of overlap.
There will be infinite iterations for how much overlap an engine should have, depending on the cylinder heads, rpm, displacement, application, and about 87000 other parameters.
I would watch about drawing a line between carburetors and EFI though. My last pulling truck engine had two 1450 Dominator carbs on it and used a 119 LSA. It sees 8500-9000 rpm on a pull. Contrast to that, you could have a small engine with a very low rpm goal, with not much overlap at all.....it could be that you could run a 107-108 LSA, even with EFI on it, because the overlap would be so low.
When I sit down and figure out what a cam should be, I look at duration first. Duration controls where the horsepower peaks and where the hp/torque curves lie. That is based on displacement, cylinder head flow (head flow is BIG component), and a few other things. Advertised duration vs. .050" duration (along with the .200" duration) will tell you how aggressive/lazy of a lobe it is, which will determine whether or not the cam will be a spring eater, whether it will be easy on parts, whether it will be noisy, quiet, etc. Lift is based on where the heads flow the best, along with a few other tricks. The intake centerline is based on how much cylinder pressure you need and how efficient the engine will be. Lots of guys put a big emphasis on an advanced cam not pulling high, or a retarded cam not having bottom end, but I haven't seen a lot of direct relationships like that. I do know that advanced cam timing on a street engine makes them pull very hard on the carburetor. LSA focuses on overlap, how much vacuum you need, what rpms you're turning, and how you want the hp/torque curves to play out.
As chilly also said, you could write books on this topic. There are a couple of generalities that you can make, but they are few and far between. To me, there are no universal cams and each engine will demand a specific recipe. My biggest gripe is looking through a cam catalog and seeing the EXACT same cam specs for EVERY SINGLE ENGINE FAMILY in the catalog. I know it's easy for a cam grinder to make a nice lobe and then duplicate it for different engines, but if they think a Tunnel Port FE wants the same cam as a SBC, they're not doing their due diligence as a grinder.