Is unit and component testing sufficient?
If you can test every line of [your product's] code via unit tests, wouldn't unit testing alone (theoretically) be sufficient?
Are there other "necessary" benchmarks of proper test coverage other than simply covering (ideally) all of your LOC?
Unit testing only tests units in isolation. In these tests all dependencies to other units are mocked or stubbed out. So how do you know those units together do what they are supposed to do? Code tends to grow hierarchically in complexity, and with that growth comes more and more units working together, more and more groups of units (modules) working together, and along the growth things need to checked.
Hence you need integration tests for this. These tests check the configured set of working components work together correctly.
Finally, some sort of acceptance, validation, or verification tests should be written to check the software in the end does what it's supposed to do. Business (usually) drives the creation of software, so these are an important metric to any organization. For most web apps/sites this is usually the selenium UI tests.
I'm not aware of any metrics for Integration tests.
But surely acceptance/verification tests should always be 100% passing to ensure a functional software product according to a specification. But even then, their could be bugs in the specification. I find writing these tests really helps catch these bugs.