Place each chicken breast half between two pieces of plastic wrap. Pound lightly into a rectangle about 1/4 to 1/8 inch thick. Remove plastic wrap. In a shallow bowl, combine the flour and salt. Coat chicken breasts with flour mixture. Sprinkle chicken breasts with lemon pepper.
Heat a 12 inch skillet over medium-high heat. Add the butter and olive oil and once hot, place in half the chicken breasts (giving them room to cook). Cook for 3 to 4 minutes, until browned and cooked through. Repeat with remaining chicken. Remove chicken from skillet to a plate and cover loosely with foil. Add lemon slices to skillet; cook for 2 to 3 minutes or until lightly browned, turning once. Return all of the chicken to the skillet (including any juices on plate), overlapping chicken breasts slightly.
Drizzle lemon juice over the chicken breasts. Cook for 2 to 3 minutes more or until pan juices are slightly reduced. Serve chicken, lemon slices, basil and pan juices over hot cooked rice if desired.