Do you think it's possible to use the limited version of Maya, ‘Maya LT’ for its character rigging/animation and then use Houdini for FX, cloth simulation, hair simulation, and rendering?

And what would be the best way to do this? Is there a Houdini plugin that works with Maya LT? Or would it be better to rig and animation the character and then import (FBX?) into Houdini?

I know its possible to do it all in Houdini but I am interested in continued use of Maya for now.
Also - the end result would be towards video (not a game engine).

Kind regards.

Unfortunately Maya LT does not allow 3rd party plugins, such as Houdini Engine, to load.

Maya LT is limited in regards to data interchange. You could export with FBX, however be aware that FBX is not a fool-proof solution - things will break in transit between applications. Once you get your information into Houdini however, you need to get it back out, which is another challenge entirely. Standard practice would be to utilize Alembic files, however that too has been removed from LT.

Thanks for the quick response.
Is transit between Houdini and Blender 2.8 a more viable solution?

We do not have a plugin for Blender, so you would be limited to whatever formats are supported by it and Houdini.