re: I guess LSU holds the lead in a 3 way tie.

LSU would NOT hold the lead in 3 way tie based on what I've read on tie-break rules assuming all 3 teams have 2 SEC losses and scenario below plays out. They MUST beat Ala. Plain and simple.

Here's simple explanation:
LINK

In case of 3-way tie for division w all 3 teams having 2 SEC losses in all likelihood Ala would have to beat LSU, Ole Miss would have to beat Ala, and Ole Miss would have to trip up against Ark or Moo State. In this scenario (see above) Ole Miss would be eliminated b/c of 2 divisional losses. That would mean LSU and ALA would battle it out head-to-head w only 1 divisional loss b/c both lost to Tenn. in other division. 1st tiebreaker at that point is head-to-head.
Just WIN Baby!!!! I like our chances.