That's the way I saw it. I didn't really view Penn negatively because of it, I just saw Clay in a new light... more crafty than I thought.
What is most interesting I think is that just a couple of days earlier, all the guys wanted Lou gone. This was their chance, and all they had to do was let him pick his own idea and help minimumly. Suddenly, Clay accuses Penn of not wanting to help Lou and it didn't ring quite true. When did they all suddenly want to help Lou? Penn may have been right that he was thrown under a bus. I'm not even quite sure at this point.