This is a good utility, but I encountered a couple of issues that needed to be worked around.
I'm not sure if this was intended, but, the file name for the texture is set to the texture path relative to the blender workspace. So when using the g3d file to a libgdx project, it looks for the texture using the wrong path and will throw an error unless you modify your libgdx project to have the same relative path to the texture. Alternatively, when working in Blender you could probably load your texture from a location that matches the location of the texture relative to your libgdx project texture before exporting, but I haven't tested this yet.
I believe the line is at 503 in g3d_exporter.py:
currentTexture.filename = (self.getCompatiblePath(slot.texture.image.filepath))
The other issue that I had is that exported models seem to always have emissive properties regardless of how their emissive properties are set in Blender. This results in a model that looks washed out if you did not intend for it to be emissive.
I think this stems from line 473 in g3d_exporter.py :
currentMaterial.emissive = [blMaterial.diffuse_color[0], blMaterial.diffuse_color[1], blMaterial.diffuse_color[2]]
I worked around this by removing emissive property in my libgdx project code, but of course that means you can't have an emissive model if you wanted.
Other than that, this has been extremely helpful for using Blender models with LibGDX, thanks!