In my experience, don't do it. Just went through this a few weeks ago for the same reason – wanted a plugin (Kontakt latest version) that required Lion.
Basically, Digi's drivers and Lion were a messy combo. Strange behavior with Pro Tools such as errors launching and the occasional random crash.
Under Lion 10.7.4, iTunes and Safari audio stopped working through my Digi interface. Audio Midi Setup froze on launch. Third party apps that require MIDI did not work standalone unless Pro Tools was running first. All of these worked perfect under 10.6.8. There were workarounds to get some of these working, but not worth the trouble.
Simply updating to Lion from SL was better than a fresh install of Lion… Still not perfect however, and I happily went back to 10.6.8 with a fresh install that cleanup my HD and made it snappier like new. That was the only positive, but I do regret the loss of time. Thankfully, I planned carefully to revert back to SL in case Lion didn't pan out.
My solution to the plugin concern was to use my Macbook Pro which already had Lion installed and run the latest version of Kontakt on that, while my main system stayed on the solid 10.6.8/PT9.0.5.