We discuss the baseline optical configuration for the Laser Interferometer Space Antenna (LISA) mission, in which the lasers are not free-running, but rather one of them is used as the main frequency reference generator (the {\it master}) and the remaining five as {\it slaves}, these being phase-locked to the master (the {\it master-slave configuration}). Under the condition that the frequency fluctuations due to the optical transponders can be made negligible with respect to the secondary LISA noise sources (mainly proof-mass and shot noises), we show that the entire space of interferometric combinations LISA can generate when operated with six independent lasers (the {\it one-way method}) can also be constructed with the {\it master-slave} system design. The corresponding hardware trade-off analysis for these two optical designs is presented, which indicates that the two sets of systems needed for implementing the {\it one-way method}, and the {\it master-slave configuration}, are essentially identical. Either operational mode could therefore be implemented without major implications on the hardware configuration. We then.......

39 pages, 6 figures, 2 tables