Loki as the assassin poisoner prince who does the evil "feminine" type of murder would fix a lot of ambiguity in the Thor movies. They would both be murderers, but one would do so legally and "honorably" and the other "dishonorably" while doing Odin's dirty work under the table.
1. Why do they prefer the prince that nearly started a war over name-calling when they have no evidence of the other's involvement in plots against Asgard? Because Thor is the one that does things in the Odin-honoring way, to their knowledge!
2. Why do they trust an enemy king more than one of the princes? Because the prince is dishonorable and kills in the evil gay way and thus ranks even lower in their eyes.
3. Why is one prince so distrusted and challenged despite his position? Sif was ready to attack him as he sat in the throne. People gloss over that. It wasn't just "Loki got mad they looked at him wrong." Because they can't have someone like that corrupting the throne, so they can revile him.
4. It adds some extra fucked up context to Loki being so proud of his attempt to annihilate Jotunheim via means that don't involve Asgardian troops. He proudly proclaims it to Odin. I think this hints he has done stuff like this before but on a smaller scale at Odin's behest. How many political enemies has Loki assassinated?
5. It speaks to Loki's self-sacrificial nature in a very sinister and villainous way. Loki is being self-sacrificial but for evil! Loki is willing to be the scapegoat for the realm! Willing to stain his hands and reputation for the sake of Asgard, even if he is reviled in turn. Odin and Thor can remain being honorable as long as Loki does the dirty work. When Loki learns that it's not what Odin wanted. That he failed to be of use, he attempts suicide.

















