Lees probably thought just that way. He's incredibly powerful, currently the only one who can rival Waldo. He likely wanted to take advantage of the Snow Beast King not having appeared yet and eliminate his toughest opponent in advance.
However, in the end, Waldo didn't show up!
"Heh, could it be that Waldo was scared?"
"Scared? Impossible! For Waldo, the word 'fear' certainly doesn't exist. Only others fear him; nobody makes Waldo afraid."
"That makes sense. With Waldo's strength, there's no one in the world who can make him afraid!"
"Since it's not fear, then the only remaining reason why Waldo didn't come is that Waldo didn't consider it worth battling Lees!"
"I think it's very likely! Waldo is too arrogant, looking down on everyone, and he probably doesn't see a fight with Lees as worth his time, so he just didn't show up!"
"Exactly, that possibility is very high!"