Well, the flight to LUX is operated by a regional aircraft that is usually parked in the middle of nowhere. (the last time I used it, it was parked close to Terminal 1 ...) This means that the gate will probably close earlier than for a flight with a jetway, which cuts off some additional time for your connection.

In a perfect world, it could work. But I would not risk it personally, as any time lost during the flight from the US, when collecting the baggage (or going through customs, it's usually when you are short on time that you may be stopped for a check, a very rare occurrence at CDG) could make you miss your connection.

Personally, I would check the baggage to LUX, see whether you canc check the baggage at LUX for the flight back to CDG or if there is a baggage facility in LUX, and otherwise go with the inconvenience of having the bag with me at the business meeting. But that's just me.

BTW, LX is the code for Swiss, while the code for Luxair is LG.

Good luck