Lone wolf just makes it so you can't have a follower on that character. You'll still have the two default characters that you start the game with. I'm pretty sure there are a good amount of required dual dialogues so it probably wouldn't work so well to not have two characters.
I'm not sure there's any way to achieve this really. I enjoy roleplaying several characters personally, but I can see the value of a mode where it's you +AI too.
