But even in those roles, it's still a lot more like Lugia and a lot less like Rayquaza. Check the DPS; with it's low attack and high defense, the TDO may be good, but the DPS should be poor.
Unless you have way too many people at the raid, DPS is king, so best use for something like this is as an anchor to finish the raid and save a few potions. Me, I prefer the glass cannons to the tanks for raiding - more reliable win, and more damage balls for me and my team, even if it costs a few revives and heals.
Finally, Smack Down/Stone Edge Ttar also has only a single weakness to grass, and should perform well vs. Ho-Oh. Granted, that's a special move, but if you've got that, it probably makes an attacking Regirock irrelevant.