I consider myself a solid rhythm player that can play *some* lead guitar. I may potentially find myself in a longer term band where I am the lead guitarist.

This is either a great opportunity or a plan for disaster :-).

I'm wondering what peoples thoughts are in a situation like this. What would you do?

To save my sanity, I would make sure that songs for the setlist would at least be remotely in my grasp. There will be no Van Halen or hair metal, probably no Led Zeppelin, Deep Purple, Rush, etc.

If this were you, would you "fake it until you make it", or look for a proper lead guitarist and try to learn from them?