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I love Lobo, but I maintain that he is not to be taken seriously as a character.
He was kicked out of Hell for being too bad. He's capable of advanced physics calculation and genetic engineering, but it bores him. He is "bullshit OP" made flesh.
The best Lobo stories are satires at their core, so Lobo fulfills the narrative role perfectly. A lot of the good ones are kind of objectively bad, but they exude the same sort of stupid fun of heavy metal magazines. For God's sake, in one of them, literally a third of the pages were just filled with vapid, gory slaughter.
It sounds stupid, but the way I think of it is that if you have to integrate Lobo unto a "real" story, make him an elemental force, not a villain. I haven't read many comics he only appeared in, but in those I did, they treated him less like a supervillain and more like a tsunami.
In short, Lobo is not a good character but he's my favorite character anyway.
Except Nubo. Fuck Nubo.