GOT IT!

It took two commands to submit the form. Thanks Lonkero, for keeping me thinking.

code:
Break On

$ID = 'name'

$PW = 'pwd'


$URL = "https://169.218.223.124/script/lb_login.asp"

$IE = CreateObject("InternetExplorer.Application")

$IE.Visible = 1

$IE.Navigate($URL)

While $IE.Busy and $IE.ReadyState <> 4 and @ERROR = 0 Loop

$IE.Document.getelementbyid("custid").Value = $ID

$IE.Document.getelementbyid("pw").Value = $PW

$IE.Document.lblogin.posting.value = 1

$IE.Document.lblogin.Submit()


Exit 0
[Eek!] Now, on to stage two...