some of the characterisation is maybe a little out (I'm still not convinced Londo would have set Garibaldi up and destroyed his life 'in a minute', given how sentimental Londo is about notions of honour)
I think that the question of whether he would in the "right" circumstances is open for debate. G'Kar once told Catherine Sakai, in explaining why he had saved her, that her death "would distress the Commander to no good effect" (possibly paraphrased). One implication of that was that if there was a good reason (for the Narn Regime in the current instellar political situation) to need Sinclair "distressed" he
would be willing let her die. I think that this may also be true of Londo. If his mission as a representative of the Centauri Empire required him to remove Garibaldi through covert means, then he might very well do it. Of course, I'm not sure why Garibaldi would ever be the focus of such attention from the Empire, but .....
However, in deciding whether the characterisation was "off", the entire question of whether Londo would ever actually *do* what he said is quite beside the point. The real question is: Is it within his characterisation to *say* that he would do it? After all, that is all that they had him do during the episode. And Londo saying that, whether because he liked to believe that he would do whatever it took to help the Empire or just because he thought it would be useful to have others
think that he was capable of anything, stikes me as being entirely within character.
On an unrelated bit of this episode:
In my opinion, the guest actor playing Kemmer overplayed, by a bit, the character's rigid stiffness during the majority of the episode (before she forgives Garibaldi).