I believe it was a semi-covert tactic used by some of the pro-Lott forces...but when it instantly drew the exact opposite response wanted, that particular cynical ploy was just as quickly abandoned.
There's only one bullet in a gun like that, and if you really are not going to fire it, you will be quickly disarmed.
It was a weak play because Lott knows the political abyss that move would condemn him to forever. Nationally, Republicans have invested too much in control of the Senate for them not to hate his guts forever if he cost us control.
At this stage I doubt even is Lott knows what he's said as it been spewed so many ways from sundown. However I can very easily see Lott telling someone what he'd do if removed from the leadership spot.... and "resign from the senate" would be something I'd expect him to say and do. But I don't really look at it as being a blackmailer as much as I look at it as he's laying the cards on the table of what will happen. I'd rather know that going in than to think he's gonna be a good ol' boy, roll over and take the lashing, tuck his tail, and speak only when spoken to when all that isn't what he intends to do. I prefer the cards up front , maybe others here would rather he keep his mouth shut and get his chastisment then resign.