If Loki were a bad egg Luffy would sense it immediately. He clearly isn't a villain and the story told around Elbaph is an exageration of real events.
I say since Months, there wont be a clean Bad guy on Elbaph, but there will be a Civil war between two Ideals, one connected to Shanks and one hating the government and Shanks.
Loki will lead the ones against Shanks. And i am sure Shanks war Part on Lokis takedown. In his side will be Eustass Kid.
Luffy will befriend Loki now too.
When the war Beginns, Luffy will start on the side of the Shanks believer, but will soon learn the view from Both sides and will Stuck in a Dilemma, since there is No Bad of good
Guy.