@Flukie *****
No, if you're not in Thailand you apply for the LTR through your local Thai embassy after you are approved, and then you receive an evisa pdf document you have to print and carry for the next 10 years. You also will pay whatever the embassy decides, which is usually a few hundred dollars more than the 50,000 baht at least, if not more.
I would recommend traveling to Thailand as a tourist and picking up the visa in Bangkok so you have a stamp in your passport instead of a printed visa and so that you pay 50,000 baht exactly.