Pretty much everything you say is correct - Williams has indeed won over Clippers fans and the team is fun to follow with him on it. I am not sure that the Clips resign him though because he is 31 years old, 6'1" and pretty one dimensional. In short, he isn't a player you build around, even if he gets Ballmer up and out of his seat with his electric shooting.
Frank/Winger have clearly been fielding offers on their assets for part of this season and they may be tempted to bite for a few reasons. First, what happens if they deal Jordan? What is the point of having Lou Williams if you are dealing one of your other better players - even if other current NBA rotation players come back (I am assuming they won't get equal current talent for someone like Jordan)? More to the point, what is the Clippers goal this season and beyond? I get that fans like ElUno want them to make the playoffs but, barring something totally unforeseen, they aren't getting out of the second round if they even make it that far. This team is not really a contender, even with a healthy Gallinari.
I think the cost of Williams is going to be too high but if the C's offered something like Rozier, another young player (Yabusele works) plus any good pick other than the LA/Sacto one, the Clippers should at least listen. Again, I am not suggesting that gets it done but for as valuable as Williams is to LA, their status as an almost certain also-ran coupled with his skill-set puts them in a tough spot. If they are able to turn him into a few young, controllable assets and a pick, they have to think about it.