I agree that Lobo and Pitt are well matched, Pitt is a little wilder though when it comes to dealing out punishment, if Lobo doesn't still replicate I can't see Pitt taking him down, Lobo can lock onto Pitts weakness, but if he causes him pain this will increase Pitts savagery... as far as I know Lobo has not regained his ability to replicate.
Vril Dox permanantely sealed him from that particular power, and although it happened in that Young Justice comic, I believe this to be poor writing, as that particular team either assumed that nothing changed, or they were just too lazy to research the facts on the character they were working on that month.
I mean it's a really cheap power, and it would make him invincible to just about anyone other than a magic user, with replication Lobo could take Superman down without sweating not to mention the rest of the heros on earth.... I believe that this power is still nullified unless someone can come up with proof that he was returned to normal, and not just saying that they saw him do it Young Justice.
One on one Pitt will beat him. Pitt will not win against an army of Lobos.