I plan to travel through southeastern Europe for three months (Sep-Nov) -- and figure I might save some money by first buying a trans-Atlantic ticket (Los Angeles to London) -- and then fly to SE Europe on one of Europe's budget airlines.
Not necessarily. A flight from LA to somewhere in South Eastern Europe could be cheaper or, if not cheaper, could worth the difference.
First question: what is a "good price" for a round trip fare between LAX and LHR? Searching online, I see mostly $1,300. Should I buy or should I wait another few months? I should note that I no longer qualify for student discounts.
You could find at the moment cheaper fares to destinations like, for example, Istanbul or Athens... Take a look at webs like Skyscanner or Kayak (or any other similar, Orbitz...) for fares on your travel dates.
Second question: Which are the popular airports in southeastern Europe with cheap fares from London? Sophia? Bucharest? Belgrade? What price range should I target for?
As I said above, I think you should consider firstly if going to London and booking a separate flight from London to South East Europe is the best option. Bear in mind the cheapest fares out of London are likely to be with low cost airlines and you should look carefully their terms and conditions (baggage...) to avoid (unpleasant) surprises on the ground and to know beforehand the real cost of your flight. Look also the departure airport of your flight out of London and the arrival airport of your flight from the USA, the time (and money) it costs to get from one to the other, whether you need to stay overnight in London... and don't forget if you miss your flight out of London due to a late arrival of your first one you'll have to look and pay for alternatives on the spot what won't be cheap...
Cheap destinations out of London? As a general rule, any served by airlines like Ryanair, Easyjet, Wizzair...