I think the story really isn't suited to having the tradition clark-kent-glasses-costumed-superman disguise. We can suspend disbelief when you start out a movie or something wtih that conceit, but 8 years of having everyone interact with Clark, and then not realize its him when he looks exactly the same, just doesn't fly.
They should just call it a re-imagining and call it a day. in other words, no suit, "Smallville's Superman" is basically what Smallville is at this stage, everyone knows Clark (sans glasses), but there's this mystery being that's out there saving people, who always speeds off before people can idenitfy him.. the newspapers call himl Superman but rarely ever see. follow more the post-crisis line of thought with Lois getting romantic with Clark instead of pining after Superman. In the very last episode, he could put on the suit and 'come out' so to speak as a hero. Yes, ok his secret identity would probably be compromised, but the show would be over so the writers dont have to deal with it.