I think if you're going to lie or spin you damn well better not lie to yourself or you'll get caught for sure. (The reason Trump gets caught lying so much is that he lies to himself.)
So, before we decide how Cohen will spin this let's decide what truth is, and how he'll explain away problems.
I think it's fairly clear that he was not providing a legitimate service. He was either functioning as a bagman for Trump (my guess) or acting like he was, and keeping the money for himself. If he was not a bagman then there can't be money (or benefits of the money) going to Trump. And he has to fool very smart people into thinking he's a bagman when he isn't. I just can't see him doing that. Maybe you scam AT&T, but you don't scam $4.4 MM including the Prez and $500K from a Russian mobster and live a healthy life. I have to believe the Prez was in on it. But I'll let you assume whatever you think the real facts are.
Now, tell me what documents exist, what phone taps exist and what AT&T et al will say. I don't think "lobbyist" is the bets spin, and it's not the one they are using.