Not only does the Lex Luthor who hangs out with Green Lantern villains ring false compared to his current characterisation, but so does the time he actually became a Green Lantern villain himself. The Blackest Night crossover saw an evil version of the superpowered police force the Black Lanterns formed from resurrected heroes and villains from across DC history. Word started to spread (in the comics that is) that everyone who ever died was returning to life, zombie movie-style, and so Lex sealed himself away in a bunker for fear of recriminations for all the people whose deaths he had caused over the years. As it happens they do, and start feasting on his greedy heart. The greed that fuels him activated a latent power, however, and he was called up to a member of the Orange Lantern Corps! Basically the same as the Green Lanterns power ring and all except a different colour scheme and feeling fuelling them. Eventually he loses that power, obviously, but not before admitting he liked it cos it made him more like Superman. Both since retconned.
Tom Baker is the Comics Editor at WhatCulture! He's heard all the Doctor Who jokes, but not many about Randall and Hopkirk. He also blogs at http://communibearsilostate.wordpress.com/