A PA32 SINGLE PLT RPTED AN NMAC WITH COMPANY ACFT IN LBT CLASS G AIRSPACE.

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IFR FLT ILM DIRECT LBT; REVENUE FLT. BOTH ACFT LEFT ILM AT THE SAME TIME. ACFT Y CANCELED IFR AND ADVISORIES AND PROCEEDED 'VFR.' FLT CONDITIONS WERE 4 MI; MIST; HAZE; OVCST AT 4500 FT. CONDITIONS AT LBT WERE 2.5-3.0 MI VISIBILITY; BROKEN AT 800 FT; OVCST AT 4400 FT IN LIGHT RAIN AND MIST. I WAS CLRED (BY FAY APCH) TO 2000 FT TO LOOK FOR A VISUAL APCH! TFC WAS CALLED DURING DSCNT; 'ACR Y 3 O'CLOCK POS 1300 FT; DSNDING.' I REPLIED; 'NO JOY; IMC.' I BROKE OUT OF CLOUDS TO SEE MY 'VFR' 3 O'CLOCK POS TFC WITHIN 100 FT HORIZLY AND VERTLY. ACFT Y DID NOT CALL (ON CTAF 122.80) 10 MI/5 MI TO TFC AT LBT. I WAS MONITORING BOTH FREQS. WINDS FAVORED RWY 23. I CANCELED IFR AND DSNDED TO PATTERN ALT AND THEN ACFT Y CALLED 1 MI FINAL FOR RWY 31 (DOGLEG R BASE). AFTER I STATED MY POS; ALT; AND INTENTIONS (IE; L BASE RWY 23); ACFT Y CANCELED LNDG INTENTIONS ON RWY 31 AND PROCEEDED TO FOLLOW MY ACFT FOR L TFC ON RWY 23. THE PROB IS THAT THE 2 ACFT HAD THE SAME ESTIMATED TIME OF DEP AND ESTIMATED TIME OF ARR.