TLDR:
To be able to securely reset a local admin I used a compiled VBscript to execute the change. The script also creates a custom registry for tracking versions using inventory scanner.
VBscript to change local admin password with custom registry:
Set wshShell = CreateObject( "WScript.Shell" )
wshShell.RegWrite "HKLM\SOFTWARE\<YOUR_COMPANY>\ADMver", "1.0.0.0", "REG_SZ" '<--- My compiled script version
Set WshNetwork = WScript.CreateObject("WScript.Network")
strComputer = WshNetwork.ComputerName
strComputer = "."
Set objUser = GetObject("WinNT://" & strComputer & "/Administrator,user")
objUser.SetPassword "<Special Top Secret>" ' <--- this will be the new admin password.
objUser.SetInfo
I used ADMver as the reg key. The value is the version of my compiled script
Compile Script
Once you have a working script you need to compile it. There are many free compilers. xNeat has a free version. I went with VbsEdit. The cost was small and you can set UAC access level and compile it to run silent. Be sure to compile with WScript. I still saw a DOS window popup when complied with CSript.
Add Custom Registry to LDMS scanner
In the LANDesk consol navigate to Tools>Reporting / Monitoring>Manage Software List
Select Custom Data > Registry Items.
Click Green 
Enter the Registry Key information used in the VBscript.
Create the Distribution Package
Schedule the Distribution Package
Set Delivery Method to Policy
Everything you need to know about Software distribution with LANDesk: http://community.landesk.com/support/community/systems/softwaredist