Like Bizzaro (Post Crisis) he would initially be created by Luthor (in this case with a Project Cadmus funded by him) to replace the real Superman and to ultimately destroy him. So he would just be Bizzaro only in motive in terms of intent. In terms of looks and ultimately personality he'd be more like Kon-El. The Bizzaro aspect would mainly be used to alter his reason for existing. The character would mainly follow the Kon-El storyline though (with alterations borrowing from Bizzaro's origin).