I thought Brian at Again With The Comics was kidding when he wrote the following:
The Black Lama was actually Prince Jerald of Earth-7511, who had taken over leadership of the kingdom of Grand Rapids after the previous leader had been exiled for unspecified indiscretions. The pressures of leadership were such that he retreated to the Marvel Universe for a break, where he promptly went insane and started pitting super villains against each other in an attempt to find a worthy successor to his throne. Prince Jerald was essentially Gerald Ford of Earth-7511, an alternate world where America was called the Kingdom of Grand Rapids, and the exiled king was Richard Nixon, and Baron Rockler, who later showed up to war with Jerald, was Nelson Rockefeller.
I agree that making him the main villain in Iron Man II would be the whip.