I'd like to see Lobo in a Superman movie so I would do a version of the two-parter "Main Men" episode that they did on Superman: The Animated Series. Basically an intergalactic collector or endangered species hires Lobo to capture Superman, the last son of Krypton, for his menagarie... Lobo and Superman go head to head and Lobo wins. After delivering Superman to the collector Lobo is double crossed and also added to the menagarie (after all Lobo, like Superman, is the last of his race - l'il Lobo killed everyone on his home planet of Czarnia before leaving to make his career as an intergalactic bounty hunter). Eventually the two have to work together to escape and Lobo has to promise never to bother Superman again - Lobo's fatal flaw is he's a man of his word and he'll never break a promise. All in all I think it would make a great live action film and then they could spin Lobo off into his own movie franchise!