What Lomo need to do is get with Holga and ask them to take that 90mm lens they have on their 6X12 and stick it on a "snapshot" 4X5.
Here are the specifications.
One piece, plastic 4X5 holder with the 90mm lens in a focusing mount for focus to 1 meter.
Four waterhouse stops f8-11-16-22
Shutter, 1/100 and 'B' with provision for standard cable release.
Standard 1/4-20 tripod thread on body.
Plastic optical viewfinder.
Price, with 1 4X5 film holder $100
In other words, an oversize Holga.