You can live update any content that is references from the .collection (i.e. from the .collectionproxy): textures, collections, gameobjects, scripts and lua modules.
My suggestion is that you create a small test project, with an excluded collection proxy.
In the collection being excluded, add a game object and a script, then bundle for liveupdate (using .zip prublishing).
THen you can inspect the .zip file yourself to get an understanding of how it works.