If Lee improves only a little, he still provides value on this team. Especially early. LaBassiere is going to likely struggle against the top teams in terms of rebounding and positioning, two areas in which almost all freshmen do. Kentucky is likely, at least early, to go with three guards. That leaves Lee as the resident rebounder.
He can do that. If you take his career rebound rate percentage of both offensive and defensive boards, bump it slightly due to experience and strength, he'd rank somewhere around Bobby Portis' 8.7 over 32 minutes.
That's not dominant, but it'll certainly play.
Offensively, obviously, he has a long way to go. I'd settle for hitting free throws at a 60% rate. If he can do that, he'll be serviceable. It's not out of the realm of possibility to see him earn a few double-doubles this season, particularly early.
As a fifth option on offense, he's fine. Or at least he might be.