Assuming a traditional ethical pattern (such as those defined by the monotheistic religions that have dominated Western culture for some time), premise 2 is true. However, premise 4 does not logically follow, because premise 2 only states that "in MOST ethical situations, lying is a no-no." The question to be asked is this: how often is lying accepable in the context of a diplomacy game? To answer this question, let's examine the general times when telling falsehoods is deemed to be okay. Off the top of my head, there are 3 main situations:
1) The lie is told to diminish harm to another person, often called a 'white lie' (example: 'You look great!')
2) The difference between the statement and the truth is minor (example: 'I'll arrived at 4:00' when in fact you arrived at 4:03)
3) When the audience of your statement understand that you are not telling the truth -- this can be exaggeration ('There were a million people'), telling a joke ('That's what she said'), irony ('I just love it when my air conditioner breaks on the hottest day of the year'), etc.
I claim that all statements made in the context of a diplomacy game fall under situation 3.
Any intelligent player is aware of the fact that his opponents are attempting to win, and will try to act in their best interests, even when this includes lying to their fellow players. Thus, when player A tells player B 'I will support you into Rumania,' player B does not take this statement as a statement of fact, but rather as a political action. If this statement turns out to not correspond to the truth, player B will usually distrust player A's statements for a period of time. Thus, there is an disincentive to make statements that do not correspond to the truth. For a player who is acting in his own best interest to lie in diplomacy, he must be getting a large enough benefit to counter this disincentive. Therefore, a player is very unlikely to lie unless he plans a course of action that will be significantly better for himself than the course of action he claimed he would take.
Thus, when player A says 'I will support you into Rumania,' this should be viewed as a statement of fact. Rather, it should be viewed as player A creating a disincentive for himself for a particular action, namely not supporting player B into Rumania.
Player B does not trust the statement itself. Rather, he trusts that player A will act rationally within the bounds of the situation he is in, which includes a disincentive that player A himself has created.