Oh, yeah! I forgot about that. I've never heard of the Orange Lanterns, but I can still see him in the Sinestro Corp. I just don't think yellow would be a good color for him. Maybe if it was mostly black with yellow trims and a purple face, it would work, but other than that, I'm not quite sure.
Now that I've read the whole of Blackest Night, I think even if Megs was wearing the Red Lantern ring, I think the Black Lantern will attempt to claim him anyway because he's been resurrected from the dead in more than one continuity.
Heck, I think a Black Power Ring will even go after Optimus.