Ahhhh...
The ol soul mining game.
Let's see if I have this straight?
An all powerful deity, "God" creates an entity, "Lucifer" who goes under many aliases such as Satan, Beelzabub, Little Nicky, Oh Great Forked One, and even George W(to name but a few). Then God's created entity tries to pull rank on the "Almighty" so "God" casts him aside and sets up a little game with some newly created human beings. The great "God" gives these lesser entities "freewill" so they can either choose him or deny him all while he grants the "Fallen One" to do his best tempting us away from choosing the "Lord". Now if these Humans are really good and choose "God" no matter what is thrown at them (see story of Job)then they will get to "Bow Down" to this entity and "worship" him for ever and ever and ever.
Oh yes and this "God" who allows the Devil to torture , etc in the grand game of soul mining is "Loving" in your estimate.
Does that about sum up the "deal" you ascribe to?
If I missed anything, please set me straight.