Well, there are lobs and there are lobs. As others have answered the OP, in this situation sometimes you are running top speed and you are lucky to get your racquet on the ball with enough on it to even get it back over the net and other times you are somewhat set and you can pick and choose your target.
Since I S&V a lot (and have a 1HBH), I rarely hit the latter type of shot. Thus I never hit offense lobs but most often hit a defensive lob. My problem is getting them deep enough, since short ones are "point over".
Since Cindy worded the OP as she did, I am assuming that she is often in the position to set up before making her shot. If so, if the lob is in the alley I would go DTL back up the alley, since being wide myself I would not have to worry about the sideline. OTOH if the shot is not in the alley, I would try to drive a dipper down the middle since the other team has backed up towards the service line likely in anticipation of a lob return.