It would be great to have the option to specify the scope of search within the lookup list/library for vLookup functionality.
Currently the query created has RecursiveAll scope. Since there is an option ‘Add new items to this folder (Document libraries only)’, it would be really good to have an option to either search for items in all folders or specify particular folder.
This would help resolve issues with libraries having over 5000 items on SharePoint Online.
Let me know if you need any help with that. I am a SharePoint developer myself and be glad to contribute.