Sadly, that would be the generic and ***** version of The Lizard. Unfortunately, I agree that that's the road they'll most likely take, because it's Kid-FN-Friendly!
Great, if we have Connors mind battle with The Lizard, then we don't need Spider-Man, just let him talk himself out of harming everyone. I can just imagine the horrible dialogue Connors will keep uttering to himself, as he's about to kill someone, but stops himself short before doing so. Like I said, it will make for a very, very weak story. Something you'd see in a cartoon, hell, not even the new Spectacular Spider-Man cartoon took that generic ass route.
I want to be able to compare The Lizard with movies like PREDATOR or ALIEN(S), it's the greatest way to go. Like them, The Lizard should have a nice size body count of innocent people. Something that will haunt Connors and his family for the rest of their lives.
A course of events that stops him from ever going back to being normal. Telling the police that Connors is The Lizard (which is pretty hard to prove, and if it was proven), would only result in more deaths in trying to keep Conners jailed, and not under the watchful eye of Spidey. A secret that's kept between him, his family and Spider-Man. That's intense.