The answer partly dspends in whether Lloyd George is coming to politics as someone completely fresh to politics but with similar beliefs to the real guy, or as someone with past experience in the Liberals as well,
if the former,, then either Labour or Lib Dem or possibly Plaid.
if he has a Liberal / Lib Dem past, he would stay with the Lib Dems - definitely. He was loyal to the party and would want to succeed even in the 21st Century.
An acquaintance of mine stood as a Liberal candidate in a hopeless constituency back in the 70s. an old man came up to her with tears in his eyes, saying he used to be Lloyd Georges gardener, and said how proud Lloyd George would have been of her.