Re: If the Lizard was the villain in Sam Raimi's Spider-Man 4...
I think Lizard was so far away from Raimi's franchise after SM2 so I can't imagine how he'd do him. As you said, he made Connors a physicist instead of a biologist which I think pretty much kills it.
But let's ignore that. I think looks wise he'd be much like Lizard in ASM but maybe a bit smaller and with the clothes on. I think he'd make Lizard very fast and beastly because that's the kind of action he'd love to do.
I also think he would be very true to Connors' character, since I think that's the kind of character that would fit Raimi like a glove.
I think Raimi probably would have done Lizard better than in ASM if he'd wanted to do him, but I think Raimi wasn't that interested. Also, I think he'd think Lizard wouldn't fit in the more kid friendly tone he was going for.