So after running some commands with SFG.exe directly in the commandline, when I went back and tried to generate the files with the material editor again, I found more errors:
(Error)

[28-02-2018 05:02:10:687][C:\Jenkins\workspace\Repo\RS3.0_FW3.0\ModNew\Stable\LSProjects\Framework\Code\CoreLib\FileManager.cpp 230 ls::FileManager::OpenFile]: Trying to open file for read 'C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Shaders/DX11/CommonHelpers.shdh' while it doesn't exist!
[28-02-2018 05:02:10:687][C:\Jenkins\workspace\Repo\RS3.0_FW3.0\ModNew\Stable\LSProjects\Framework\Code\CoreLib\FileReader.cpp 72 ls::FileReader::Load]: Failed to open file 'C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Shaders/DX11/CommonHelpers.shdh'!
[28-02-2018 05:02:10:688][C:\Jenkins\workspace\Repo\RS3.0_FW3.0\ModNew\Stable\LSProjects\Framework\Code\CoreLib\FileManager.cpp 230 ls::FileManager::OpenFile]: Trying to open file for read 'C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Shaders/DX11/CommonHelpers.shdh' while it doesn't exist!
[28-02-2018 05:02:10:688][C:\Jenkins\workspace\Repo\RS3.0_FW3.0\ModNew\Stable\LSProjects\Framework\Code\CoreLib\FileReader.cpp 72 ls::FileReader::Load]: Failed to open file 'C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Shaders/DX11/CommonHelpers.shdh'!
[28-02-2018 05:02:10:688][C:\Jenkins\workspace\Repo\RS3.0_FW3.0\ModNew\Stable\LSProjects\Framework\Code\RenderFramework\Renderer.cpp 1389 rf::Renderer::createBinaryShaderFromText]: Failed to compile text shader: "C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Public/NamingWizard_24295ad7-ffaa-4e6c-9b4b-8cbbbbc43f35/Assets/Materials/LLNWIZ_NamingWand_Material_ST_L_DX11.shd"

According to the errors, it seems it's missing the file Data/Shaders/DX11/CommonHelpers.shdh, which may be why it's not generating properly.

Interestingly enough, running SFG with the GNM renderer will create the lsb file, despite some errors. This lsb can't be imported however, since I assume it wasn't generated correctly (as evident from the errors):

[LLNWIZ_NamingWand_Material] : Warning : No vertex shader text data to compile for C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Editor/Mods/NamingWizard_24295ad7-ffaa-4e6c-9b4b-8cbbbbc43f35/Assets/Materials/LLNWIZ_NamingWand_Material.lsmg.
[LLNWIZ_NamingWand_Material] : Warning : No fragment shader text data to compile for C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Editor/Mods/NamingWizard_24295ad7-ffaa-4e6c-9b4b-8cbbbbc43f35/Assets/Materials/LLNWIZ_NamingWand_Material.lsmg.


Running SFG with the dx11x renderer has a different error as well:

** ShaderFileGenerator **
Started DX11X file generation.
Processing C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Editor/Mods/NamingWizard_24295ad7-ffaa-4e6c-9b4b-8cbbbbc43f35/Assets/Materials/LLNWIZ_NamingWand_Material.lsmg
Failed to compile text shader: '00007FF68EE1C180'


Using just the DX11 renderer directly in SFG.exe has the message:

** ShaderFileGenerator **
Started DX11 file generation.
Processing C:/Games/Steam/steamapps/common/Divinity Original Sin 2/Data/Editor/Mods/NamingWizard_24295ad7-ffaa-4e6c-9b4b-8cbbbbc43f35/Assets/Materials/LLNWIZ_NamingWand_Material.lsmg


No errors, but no resulting lsb file either.

LaughingLeader's DOS2 Mods