I believe the answer to this question is no, but I thought I would ask to verify.
Can a participant licensed user run audit trail reports from the repository?
It appears my assumptions were incorrect. You just need to assign the "Retrieve Audit Data" privilege to the user or their group and you have given them permissions in Audit Trail.
Doing some more testing, it looks like my original thought was correct. I find this rather strange though since if you go directly to Audit Trail that you can access it regardless of what kind of Laserfiche license you have since it only goes off of the Windows account. Can this be changed in the repository?