I've not had any clients do a full lotus, but I did lotus with my DD.
Basically, we didn't do anything elaborate at all. We cleaned and dried the placenta normally after the birth - well after the cord had stopped pulsing we gave it a rinse in warm water to get the excess blood off, and patted it dry and covered it liberally with sea salt.. then we wrapped it up in a cloth diaper. we changed the diaper the next day, adding more sea salt before wrapping it in a diaper, then tucked it into a little heart-shaped crochet bag. It was clean and dry, no smell, no problems. the cord dried normally - it was not tied at any time; with a lotus birth this is really unnecessary.
we kept the diaper wrapped like that, with the little bag on dd's belly, and then wrapped the whole bundle, baby and all, into a blanket (the same heart-shaped crochet pattern as the placenta bag).
It healed easily and cleanly, no dramas, and the cord separated at the end of the 2nd day.
Some people reccommend adding a few drops of rosemary essential oil or lavendar to reduce the smell, but we never noticed any problem with that, and the result was a salted placenta, much like jerky. we kept salting and changing the placenta every few days untill it was totally dried and preserved. I absolutely recommend doing this to anyone who doesn't plan to eat their placenta immediately.
I felt very keenly the benefits of letting the baby release her own placenta when she was ready. I think it's very important that the baby get her full placental transfusion, and because I see the placenta and cord as being a part of the baby, it seems wrong to cut that off.
You're best source of info would be Shivam Rachana's book, Lotus Birth.