I do wonder, how does this relationship between Loki and the Mad Celestial work? Is he magically controlling it? Is it still sick? It seems odd that the Mad Celestial is trying to kill more than Odin in what little we see of him. He doesn't even kill Odin, which while it goes with your idea that Loki doesn't want to kill Odin, also goes with the fact that Loki either has a great amount of control over the thing, or he's convinced it of his plan of not murdering Odin for whatever reason. Of course, this goes back to how Loki could either control it or talk it into trusting him, each option being especially interesting given that Celestials don't have the highest opinion of beings like Loki.
One thing that I think is going to come out of this storyline is that the current Avengers will have to make a choice like the old Avengers did in either helping or killing their great enemy, but I do question if that enemy will be the Mad Celestial or Loki himself. We know that the magic he's been using has a price that he is going to be unable to pay. He's currently been using the Celestial to counteract that, but how long is that going to hold? It doesn't help that Aaron is setting up some parallels between Loki and the Mad Celestials. As I said, Odin's punishment for Loki- chaining him to a rock by his son's entrails while his son drips poison in his eyes-doesn't sound that far off from Odin wanting to chain the Celestial's corpse to the moon. Loki is also a "mistake" from Odin's past that keeps coming back to haunt him. In the Celestial's case, it was a lack of mercy, though in Odin's mind, with Loki it has been a continued abundance of mercy.