Firstly, I'm not overly angry, nor spiteful, with what I'm about to propose... I am simply being logical. As a side note, I like Luis and always have. The handball at the World Cup, the "diving", etc..., is/are things countless othere footballers have done and, imho, does not detract one iota from Luis being, arguably, the 3rd best footballer on the planet.
That said, here's what LFC should do.
IF an offer of 45+ comes from outside the EPL, take it and let him go. If not, dig in your heels and bench his ass. Period.
The financial windfall of a top 4 finish will erase whatever drop occurs in Luis' valuation from not playing regularly and, most importantly (though it does seem "petty"... kind-of, anyway) will affect Luis' standing with Uruguay for the upcoming World Cup. Him having to compete with Cavani/Forlan for a spot would be adversely affected if he wasn't playing and, though Luis says he wants UCL football, playing for his country surely trumps that desire.
Luis is a professional footballer who has a contract; and that is/should be respected. Period. At my job (I'm a bartender) if I pulled anywhere near this sort of [oops], I'd be fired. Immediately.
This guy makes millions playing a game!-- get your perspective sorted, Luis.
In the end it will damage LFC to bench Suarez but it'll damage Luis moreso... and surely he knows this.
Selling to Arsenal is unacceptable so, until an alternative arrives (January window, most likely) Luis needs to be a professional and understand LFC will not sell him to Arsenal. If he keeps his chin up, play him, but if not... bench him. It'll be worth it in the long run.
