If Malvo is going to die, I think it'd be kinda cool to go out Layer Cake style. I mean, the way he walks around killing people like it's no big thing, and seemingly waltzing around not caring about cameras or anything...a cool ending would be him getting the better of Lester and everyone, and just as you think Malvo triumphs, he is just randomly offed by the deaf dude as revenge. Fade to black.