If Lois is in fact revealed to be the Cloud........
Okay, this is the enforcer for the crime ring that Superman doesn't even know exists. They've been under his radar all this time.
Wouldn't it be the most "Lois Lane" thing to do, to create a villainous persona and sneak her way into that crime ring and (try to) take it down from within, since they're so good at avoiding Clark's notice? This could be a "Green Hornet" situation; Lois isn't actually killing anyone, she's not actually a villain, she's really doing heroic work under the guise of villainy. It only looks like she's killing people, when she's really faking their deaths and then sending them off to witness protection or something. This gets Lois in close to the story and it saves lives. It leaves the door open for tons of conflict between her and Clark, but still provides room for Lois to get in over her head and need Clark to lend a hand pulling her out of the fire.
If (and that's IF) they reveal that Lois is this Red Cloud......that's my guess on how it'll play out. That keeps Lois' character intact and gives her both a solid "reporter" arc as well as a full-blown "heroic" arc (albeit as a pretend villain), it keeps the promise of "Mr. and Mrs. Smith" drama, and it showcases how brave and badass Lois is (which Bendis has mentioned a lot).