I guess it depends on how much self-honesty the guy has.
Pulling out the lube prior to intercourse is going to remind the guy that you're not actually 'into him', and some aren't going to handle that very well.
If there's some way you can get lubricated out of his immediate sight, that'd help greatly.
Personally, I wouldn't be offended at all. I'd consider it proof that you came prepared!
Then again, if we're in foreplay prior to the main event, I would actually like to know what's more comfortable and enjoyable for the lady. Every lady likes different things, and the Hobby's all about exploring something.. or someone.. new!