If you set the M4 lambda sensor setting to "1"(Narrow band or Motec AF Meter), then it will accept a linear analog input of 0V=0Lambda, 1.2V=1.2Lambda.
Since the M4 will only accept a max of about 1.2V and the innovate has fairly poor resolution on its analog output you may not get great results connecting it directly in this way, but I have never tried.
I dont have the innovate programming software on my PC anymore but I seem to remember that the analog out couldnt be programmed to go any lower than 0.5Lambda, so if that is the case you would programe the LC1 for 0.5V=0.5Lambda, and 1.2V=1.2Lambda.
If you find that it doesnt work work well when wired direct like this then you will get better results if you wire it through a voltage divider, see my other post here for more info:
http://www.motec.com.au/forum/viewtopic.php?f=10&t=2196