Does Lobo get his reality busting grip. I'll see if I can find the scan but it was fat Lobo litteraly tearing a hole in space time with his bare hands. If he gets his crazy feats then he takes it easy but standard Lobo will have a lot of problems even with prep.
No prep Lobo loses bad because Loki just intangibles if he doesn't have reality shatter kung fu grip action.
Now with prep is interesting especially with CIS off because Lobo probably has something in his arsenal for dealing with Gods like DC Ares and also had that whole escape from hell and stick it to Gawd thing going for a while. Even if he doesn't Lobo being Lobo if he's pissed enough at Loki will actually apply his intelligence for the weak and come up with some crazy junkyard wars style device that would depower Loki and any prep Loki had in advance would go down the drain with the depowering.
But like I said Shenanigans feats Lobo is really only way for him to win without prep.