Lee isn't dead because he is a Fable.
TWD is an alternate reality to our own so in the Fable universe it is just a story told by mundies.
Therefore as Lee would be a popular Fable he cannot die, that dude you saw at the end of season one... ummm that was just someone else glamoured to look like Lee.
So anyone who died in TWD universe still has the possibility of being alive in TWAU universe (IP and legal issues aside).
It would be funny if the two IPs' had some Easter egg crossovers, like Lee or Kenny walking around in the background of TWAU or a walkerfied Bigby chasing Clem.
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Jesus, are you fucking kidding me?
Stage of Grief:
Fables in the comic suggests that popularity might have some connection with strong healing abilities but also suggests it isn't true either. However popularity has never been shown to bring a character back from the dead. Not that Lee is a Fable though.
Maybe showing characters in the background of a certain shot or files on a certain chicken landlord but a crossover shouldn't be anything more than that.