I am using a couple of LHG 60G model RBLHGG-60ad. Next to the UTP there is a grounding connector. How critical is to use this? Should it be grounded directly to the master/tower? Is this grounding pin connected with the grounding UTP also? Is there any grounding loop danger?

Any time you have electronics outdoors, you should be grounding them.
In this case, wind blowing through the grid can cause a static charge to build up, discharging though the ethernet can kill the LGH as well as the switch it's connected to. In addition, it can also hurt someone. I've never witnessed anyone getting hurt, but I have absolutely replaced switches that were killed by ESD.

Oh, and of course there is always the proverbial risk of lightning strike.

That is why there are gas discharge units and surge arresters for proper static discharge. If the only reason is the static build up in the grid, there is really no point to do that since it is already attached directly to the master and if the UTP grounding is also part of it, then, there is a really very good chance to burn your switch as you said in case you get hit by a static storm. As for true grounding up in building roofs (a master is not considered good true grounding), this can not really be done easily for a single installation as it requires large rods and thick cables/wires directly from the ground, not practical at all of course for most single installations with such a small dish so your best chance in order not to frie easily your switch equipment, is to simply omit the UTP grounding.

Can anyone please clarify if the UTP grounding is directly connected to the dish grid as well as the grounding pin? Is static the only reason the grounding pin is there for? I have already installed mine so it is not easy for me to check with a multi meter for now.

PS: Nothing escapes a direct lightning strike, not even surge arresters and/or gas discharge units or even omitting the UTP grounding.

http://www.arrl.org/grounding

The grid is just a reflector and is isolated from the radio.

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