To be honest, I'm surprised it took him this long to get to it.
Not really my thing, but I'm not the audience he's going for and I'm sure there are plenty of people who love it. Of course he's altered the original story a bit to play to his interests; he generally has a scenario where one character, usually a woman, steals another's potency so that she becomes bigger and more powerful while the other grows smaller and weaker. So of course he's going to have Lana involved from the start.
And I'd defend his dividing the story into chapters and serializing it. The main reason for even doing this kind of 're-write' story is to expand on the original and add stuff that was left out before.
Finally, several people have suggested he have a scenario where Lois 'gets even' with Lana or something where Superman shrinks or gets AR'd. That's up to him, of course, but it might be a problem finding a way to do a Lana AR without just rehashing the same story. One idea I played with was a variation on 'The Marriage of Superbaby and Baby Lois.' Lois finds a way to de-power, then AR and/or shrink Superman, intending to rush him to a justice of the peace and marry him while he's helpless to resist. Lana learns of the plan and points out how difficult it would be to convince a judge to marry a mini-Superboy to an adult woman. Seeing the logic in this, Lois ARs and/or shrinks herself so she's the same size as him. Problem is, not only has she lost her advantage over Superman, but Lana is able to grab him and sets out to follow Lois' original scheme, taking Lois along as a witness. But when she gets to the judge, she finds out he really ISN'T willing to marry them. With no other choice, Lana zaps herself down and the two girls fight while mini-Superboy and the judge, really a friend come to his rescue, look on.
I doubt he'd care for this scenario but there are any number of other stories he could expand on for Superman AR: the aforementioned 'Marriage,' 'the Babe of Steel,' 'Lois Lane's Revenge on Superman,' 'Lois Lane: Super-Babysitter,' etc.Weisinger was always rather reluctant to let Superman lose his dignity or let Lois get the upper hand. It'd be such fun to change that.
Still, it's all Dreamtales' decision. And I suspect he can't churn out too many Superman stories without risking legal trouble. We'll see what happens.