If you create the application bundle, it is created in the directory, where you .lpi file is located. With default settings, the binary is also created there. The apllication bundle does not contain the binary, but simply a symbolic link to the binary outside. So check the following things:
1) presence of the executable binary
2) presence of the application bundle
3) link from inside the application bundle (open it with right click)
4) double click the application bundle
If this does not work, try a default project and try again.
Mischi