Well, I was thinking of a few basic things;

Usage: application.exe [ShortcutToCheck.lnk] [Field to check] [string to check for] [returntype]

Where:
[ShortCutToCheck.lnk]
-the filename of the shortcut to check, if it contains whitespace, enclosed in "".
[Field to check]
-Target
-Working Directory (not very important, but would be useful)
[String to check for]
freetext string to search for, case insensitive.
[returntype]
-default (meaning just an errorlevel)
-dump contents of "Field to check"
-dump all the readable contents of the *.lnk (the two fields, or whatever useful info that could be substracted).

The Errorlevels:
0 = shortcut were found, the string specified were found in the field specified.
1 = shortcut were found, the string specified were not found in the field specified.
2 = shortcut not found.
(3 = error, @error, @serror?)