Nah he will choose Japanese freedom. And its not Japanese freedom anymore, he is drifting toward trying to free the world from Britannia's influence.
If Lelouch was the same guy he was last season, he would have chosen revenge. But now he has softened up a bit, and while this is good for him as a person, its not good for him as a leader. His previous actions are going to come back and bite him, and he no longer has a cold enough heart to be as much of a bastard as he was back then.
Either way, Lelouch would never, ever, assume the throne and have the Black Knights executed. He hates Britannia with all his being.