I don't think so, I think the 5C, being offered in 6 colors, will be one model, without LTE. Want LTE? iPhone 5 or 5S. 5S will have different colors also (no black, graphite, champagne gold, white). I think Apple will sell many of the 5C. I also think they would not be able to keep up with production if it came with LTE, and that gives the incentive to go with iPhone 5. I also think it will be $49 on contract, not $0. Apple hasn't always had a $0 phone on contract.
With that, I think, but, can't make up my mind, the 5C will be 16GB, iPhone 5 16 w/LTE (32 or 32/64 until I saw this rumor). Plus, Apple's lineup right now is 4-8GB/4S-16GB/5-16/32/64, so, only options with the top-of-the line model.
You could be right. LTE is certainly the variable, and whether or not the 5C has it, will dictate the price points. I just have trouble with the idea of a newer phone sitting below an older phone price wise. Maybe a new price structure goes well with a different product lineup. Not long to find out anyway.