After looking into this further, LiteSpeed has many differences to Apache with suPHP that I believe Litespeed should adopt. suPHP is known for it's security and so should Litespeed.
Firstly, LiteSpeed should support mod_sec better.
Secondly, the user requesting the file (The one visiting the site) should be nobody completely regardless of whether suExec is enabled or not. The user requesting should be nobody and the owner should be the username. This way, should the user set their file permissions to not be readable by others (For example 700), it cannot be executed. Can the second change at least please be implemented? It reduces the overall security of a shared server by miles.