I am not sure if Michael and Lauren being pregnant would be just another pregnancy. I think a late in life pregnancy could be a very emotional and worthwhile story line. Likey dealing with the dangers, risks, and/or complications for both the mother and child could be quite an undertaking for the writers. The fears and the excitement of bringing another child into the world at their age could be a great story and would be an opportunity for more outstanding acting from CLB and TEB probably even better acting than the fallout from the affair.
However, there is a chance that the writers will write the pregnancy as a normal one without Lauren's age being a factor. That would not surprise me either because they have always written Lauren as being very sexy and confident and being able to hold her own with women her age and half her age. The fact that they put Lauren with Carmine and then had him go completely crazy over her kind of proves that fact. Lauren is often written as a woman who has it all and is always wanted and/or envied in some form or another (Shawn, Sheila, Sara, Ryder, Daisy, Carmine) did I miss anyone? LOL.
Maybe Likey would have a normal pregnancy or maybe they may have a pregnancy with complications due to her age, but either way IMO, a pregnancy even with the father being known without a paternity test, would be a worthwhile pregnancy and story line.