I don't know why suit compression calculations come into play when determining lift. Ignoring suit compression, you need enough lift to offset the weight of the gas in a full tank, and the weight of your weightbelt (and backplate if used), and any other negative items you might be carrying, like a camera, sling tank(s), reel, heavy canister, etc depending on what sort of diving your'e engaged in. It's implicit that some of the weight on your belt is already being used to counter the buoyancy of your wetsuit on the surface, assuming you're diving wet.
You need enough lift so that at the beginning of a dive, you can counter your full tanks and your negative weight at depth, where it is safe to assume that your wetsuit has lost *all* inherent buoyancy, because it's being crushed. Dive a 7mm suit to 40m/130' and see how buoyant it is - it's a lot more than 4lb lost.