There are two types of suites in the Lahaina Tower. Ocean View Suites are the resort's standard suite, face the luau (and the mountain in the distance), and are on the small side, at about 550sf. Deluxe Ocean Suites are a premium suite, face the lagoon, and are much larger, at about 800-900sf. While they don't directly face the luau, you can certainly hear it from the living room, especially if you have the south-facing window open.

Ocean Front Suites are a third category and are located at the end of the Napili Tower, which is quite a haul from the Regency Club. AFAIK they are about the same size as the Ocean View Suites and obviously don't have any luau noise. The hotel website doesn't label them as either a standard or a premium suite--they certainly won't let you use a TSU on it, but unclear whether you can redeem a premium suite award for this suite type.