I'm kind of down the middle on it. I mean sure, based on his past iterations he obviously can't be trusted at all. But this is New 52 continuity and there have been a lot of interesting changes to the continuity (some even for the better I would say). Superman's a lot brasher, Batman's actually fallible, Wonder Man is a demi-Goddess of War, Billy Batson isn't 100% pure of heart, the list goes on. The one thing that is certain is that Lex is trying to ensure his own survival once Anti-Monitor arrives. You need someone as opportunistic as Luthor is if you want to survive something this powerful.
He's a public figure capable of much larger scale organization than Batman can do anonymously (a group of global ninja agents doesn't exactly improve the situation). I think he's specifically bringing Captain Cold into the mix to show that he can weaponize the villains they've been fighting against like in the Flashpoint timeline. And wrangling SHAZAM onto the team means he recognizes all potential metahuman resources as viable members while Batman trusts almost no one.
Let me just say that in the past decade or so Lex Luthor has become one of my favorite DC characters in both the comic and animated universes. As evil as he can get he makes humans look like they're capable of unbelievable feats of intellect. That's why it's so awesome to see him succeed where all these metahumans, aliens, and space gods fail.
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