If a kingdom is ruled legitimately and fairly (enough) by a lich?

[The Aboleth]

For the "Good Lich"

This is the story of Hochmeister Karl the Lich. (Yes I am good at naming characters thank you for noticing)

.....

Then the evil horde comes with the dark lord Yugdab at it's head.

I literally laughed out loud at the dark lord's name. Well done!

EDIT: As far as the point of "Can enough Y balance out enough X or vice versa?" I think that we're seeing that play out with V in the comic. V has committed a truly horrible act, but I think it's still up for debate on whether or not V is currently Evil. If V is currently Evil due to the horrible act, then can V do enough to bring him/herself back to True Neutral? It's an interesting question, to be sure.