Similarly for reducing stress, it is kind of a prerequisite to lucid dreaming. Can't lucid dream if stressed, so one works on reducing stress as part of preparing for lucid dreaming. Lucid dreaming provides a motivation and a reward for reducing stress.
This may not exactly be true Stress reduces the quality of your sleep, but we have no clear indication that it impairs your ability to become lucid. I'd be extremely curious as to see how well a person with OCD behavior would do regarding induction! If you think about it, many frequent lucid dreamers became so due the high frequency of nightmares as children: those high stressful cues were actually used as a means to lucidity. Who knows!
Regarding the OP:
Well, first there's 2 aspects of lucid dreaming that you can distinguish in terms of benefits: induction, and experience.
Lucid dreaming induction reflects every behavioral change you make as a consequence of wanting to induce lucid dreams. In this category we would include something like:
- Sleep hygiene;
- Mindfulness;
- Development of memory (related to recall)
- Development of prospective memory (related to recall and exercises)
The first 3 components are already evidenced by research as having a critical impact on mental health and illness. In regards to sleep, it's believed it's highly influential towards mental health, and mindfulness can have extremely positive impacts on issues like depression, anxiety, schizophrenia (just to mention examples of clusters of symptons). At the same time, certain types of therapy already possess some degree of similarity towards lucid dreaming techniques: rationalizing certain events during the day that may evoke emotional responses, being aware of your thoughts, relaxing, living in the present, positive thinking, etc.
The second component is the experience (of having lucid dreams). Although is wasn't tested extensively (apart from a few studies which I believe Steph already mentioned around the forum), theoretically it can provide treatment for a wide range of problems, not just related to mental health, but to other areas as well, if not let's see:
- Exposure therapy in treatments of PTSD, anxiety, phobia;
- CBT exercises in treatments of personality disorders, schizophrenia, eating disorders, etc etc.
- Meditation (Mayatara does did regularly in her lucid dreams I think) to reduce depression;
- Biofeedback (for phantom limb syndrom treatment);
- the list goes on and on...
But naturally, without a proper induction method we can't test many of these as effectively as we'd want 
PS: something I feel ashamed for forgetting: the day where we develop a device with high efficacy in lucid dreaming induction, it's the day where stroke rehabilitation and sports fields research will increase astronomically
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