Doesn't work and everything is set up exactly like this with default installation directories too. Running Steam as admin as well, I wasn't previously, so it didn't change anything. Edit: Got it working, copied info from official shortcut and pasted into Steam. Edit2: Running as admin may be required.
Target: "C:\Program Files (x86)\NCWest\NCLauncher\NCLauncher.exe" /LauncherID:"NCWest" /CompanyID:"12" /GameID:"BnS" /LUpdateAddr:"updater.nclauncher.ncsoft.com"
Official shortcut info:
Target: "C:\Program Files (x86)\NCWest\NCLauncher\NCLauncher.exe" /LauncherID:"NCWest" /CompanyID:"12" /GameID:"BnS" /LUpdateAddr:"updater.nclauncher.ncsoft.com"
StartIn: "C:\Program Files (x86)\NCWest\NCLauncher"
Edit: It's working now that I copied the stuff from my official shortcut... I don't see any differences though.