Heh, awesome screenname.
I'm definitely in the "Lee will probably die" camp because...that's just what kind of story this is. A happy ending where the protagonist lives doesn't seem like it would fit with TWD world. So yes, I think Lee will die, or at least I won't be surprised if he does. Frankly, I'm not even convinced Clem will make it out alive.
Did Telltale confirm anywhere that they're making a second series? The only thing I've heard is the usual, "yeah, we'd love to do a second season" that they've said about nearly every franchise they've worked on.