This is an interesting question, but I suspect you are asking it for the wrong reasons. Are you thinking of this 'lexical' Unicode' as something that would allow you to break down sentences into language-neutral atomic elements of meaning and then be able to reconstitute them in some other concrete language? As a means to achieve a universal translator, perhaps?
Even if you can encode and store, say, an English sentence using a 'lexical unicode', you can not expect to read it and magically render it in, say, Chinese keeping the meaning intact.
Your analogy to Unicode, however, is very useful.
Bear in mind that Unicode, whilst a 'universal' code, does not embody the pronunciation, meaning or usage of the character in question. Each code point refers to a specific glyph in a specific language (or rather the script used by a group of languages). It is elemental at the visual representation level of a glyph (within the bounds of style, formatting and fonts). The Unicode code point for the Latin letter 'A' is just that. It is the Latin letter 'A'. It cannot automagically be rendered as, say, the Arabic letter Alif (ﺍ) or the Indic (Devnagari) letter 'A' (अ).
Keeping to the Unicode analogy, your Lexical Unicode would have code points for each word (word form) in each language. Unicode has ranges of code points for a specific script. Your lexical Unicode would have to a range of codes for each language. Different words in different languages, even if they have the same meaning (synonyms), would have to have different code points. The same word having different meanings, or different pronunciations (homonyms), would have to have different code points.
In Unicode, for some languages (but not all) where the same character has a different shape depending on it's position in the word - e.g. in Hebrew and Arabic, the shape of a glyph changes at the end of the word - then it has a different code point. Likewise in your Lexical Unicode, if a word has a different form depending on its position in the sentence, it may warrant its own code point.
Perhaps the easiest way to come up with code points for the English Language would be to base your system on, say, a particular edition of the Oxford English Dictionary and assign a unique code to each word sequentially. You will have to use a different code for each different meaning of the same word, and you will have to use a different code for different forms - e.g. if the same word can be used as a noun and as a verb, then you will need two codes
Then you will have to do the same for each other language you want to include - using the most authoritative dictionary for that language.
Chances are that this excercise is all more effort than it is worth. If you decide to include all the world's living languages, plus some historic dead ones and some fictional ones - as Unicode does - you will end up with a code space that is so large that your code would have to be extremely wide to accommodate it. You will not gain anything in terms of compression - it is likely that a sentence represented as a String in the original language would take up less space than the same sentence represented as code.
P.S. for those who are saying this is an impossible task because word meanings change, I do not see that as a problem. To use the Unicode analogy, the usage of letters has changed (admittedly not as rapidly as the meaning of words), but it is not of any concern to Unicode that 'th' used to be pronounced like 'y' in the Middle ages. Unicode has a code point for 't', 'h' and 'y' and they each serve their purpose.
P.P.S. Actually, it is of some concern to Unicode that 'oe' is also 'œ' or that 'ss' can be written 'ß' in German