As pointed out in the comments, there are many Banach tensor products, but there is indeed at least one which works nicely for $L^potimes L^p$.
In general, the algebraic tensor product $Xotimes Y^*$ can be identified with finite rank operators from $Y$ to $X$. When $X=Y=L^2(mathbb{R})$, taking the completion in the Hilbert-Schmidt norm gives you the space of Hilbert-Schmidt operators on $L^2(mathbb{R})$, which can be identified with $L^2(mathbb{R}^2)$.
Similarly, the space of $q$-summing operators from $L^p(mathbb{R})$ to $L^q(mathbb{R})$, when $p^{-1} + q^{-1} = 1$, can be identified with $L^p(mathbb{R}^2)$. (I don't have the reference for this on hand, and don't recall how much it generalizes; I'll check and update later.)
Added later: I don't know if the anonymous poster is still around, but here is the reference.
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