I have to disagree with you on Lex having something set up so he wouldn't hit the ground. He had to much ego to believe anyone would have the nerve to try and arrest him in the first place. He was smarter than everyone else and more vicious so no one would figure out want he was doing and if they did he had power (Fear) over everyone to keep them quite. Why do you think he said get me the President when he was yelling during the attempt to arrest him. He was impressed with what he thought was his importance.
I totally believe he would kill himself rather than be locked up. He would never be locked up like a common criminal - he believed he was above everyone else. Remember in the Pilot everyone has to look up to him because he owns and lives in the tallest building in Metropolis. He gave the orders, he didn't take them. Especially from prison guards - who he would consider low-lifes. The rest of the world was there to cater to his whims. Submit to prison - NEVER.
I always felt the writers after Debra left were just to lazy to put any real effort into coming up with believable, creative characters or story lines (for the most part) so they just kept resurrecting Lex/Nigel and Tempus. Then when they figured they had brought him back as many times as they could get away with we start with his SONS
