What’s the requirement for the formatted Latex output? Do you just need to display it (say, as an image?)
If so, here’s the first workaround that comes to mind:
First, you’ll need the Web Browser module. This adds a component that renders (in Webkit) any page fed into it.
Next, download Mathjax per the instructions on this StackExchange post download Mathjax and copy the path to the simple-dynamic example.
Then set the Web Browser component to navigate to this path, and et voila, Latex rendered within an Ignition component (technically). The simple-dynamic HTML page should be very easy to customize as far as formatting and other options. Passing in an argument from an external component into the Web Browser component would be more challenging.