This is a complicated question. Their voting base, especially pre-Coalition, was really quite heterogeneous, and I'm sure some of it was just "plague on both your houses" voters who didn't like either Labour or the Tories for various reasons without being at all liberal in any sense of the word. (This helps to explain why polls show a significant number of ex-Lib Dems now voting UKIP.) Of course in their strongholds quite a lot of it was always tactical; their leaflets have always pushed squeeze messages (hence their reputation for dodgy bar charts, which is thoroughly deserved) more strongly than actual policies.
Based on my own experience (and having been one myself once) I think you would find that quite a lot of the urban middle class type of Lib Dem voters (pre-Coalition) wouldn't have thought of themselves as right of Labour on economics. (We're talking Blair-era Labour, of course.) Their beef with Labour would have been on other matters (one of which is four letters long and ends in a Q).
Yes, New Labour's positioning led the Lib Dems to outflank Labour on the left, especially on the questions of civil liberties and the Iraq war. Didn't Tariq Ali call for a Lib Dem vote?
I would think Lib Dems are less likely to defect to UKIP though than Labour or Tories - Labour because of their appeal in working class communities, and the Tories because UKIP offers a new home for reactionary voters that previously voted Tory.