"potential lack of" is correct and usable in written English.
You can use it when a lack of something may happen in the future, but it hasn't happened yet. For example: "Given the current global economy, there is a potential lack of economic stability in the future."
He sounded extremely blasé, however, about the potential lack of tailgating space across the river.
He said that the Knicks thought that questions about a potential lack of commitment by Marbury were outrageous.
The writers are not worried about a potential lack of material.
Scorning the anonymity of sperm banks and the potential lack of rigor involved in their screening processes, Gretchen has decided to recruit a viable donor herself.
After her first appointment hearing in 2013, the Treasury committee criticised Furse for a potential lack of independence and her role on the board of Dutch bank Fortis when it bought part of ABN Amro during the financial crisis.
But the most obvious risk of Canin's technique -- the potential lack of narrative tension -- is one he sidesteps, elegantly and effectively, by withholding certain important information until the very end of the novel.
It wants doctors to start talking honestly to patients about the benefit or potential lack of benefit from a certain procedure and the possibility that some treatments can involve risk, and about alternative ways of handling their illness.
Last month the Charity Commission launched its own inquiry into the associated Durand Education Trust DETT) which owns the land the school sits on, because of concerns about "a potential lack of separation" between the two separate charities.
Here, we had to weigh the potential lack of accuracy against the option to ignore differences completely.
Money, and the potential lack of it, is usually a source of worry for everyone involved in academic research.
To me, the potential lack of abusive behaviour from your class would seem to be the major compensation.
