I would rather have them end up in the present than the past - I think that Lois would have a hard time living back then with her modern sensibilities. I expect that Lois travelled through time and back, but Clark is just not aging and is waiting until she has her time travel adventure so that they can meet again. That doesn't explain the suit, though.

"It is a remarkable dichotomy. In many ways, Clark is the most human of us all. Then...he shoots fire from the skies, and it is difficult not to think of him as a god. And how fortunate we all are that it does not occur to him." -Batman (in Superman/Batman #3 by Jeph Loeb)