I don't think many specific Pokemon would be better off with a regular held item than their Mega Stone -- most* Pokemon that can Mega Evolve are improved significantly enough by doing so. This only becomes a problem for trainers who want to be "prepared" and have multiple possible Mega Evolutions on their team at any given time. Then there's a trade-off: certainly, you have a bit more flexibility, but that comes at the cost of getting the most out of one of your Pokemon.
But as you can only use one Mega per battle, I wouldn't worry too much about specific Pokemon. Give that Life Orb to someone else or pick a different 'mon to Mega if you really want Lucario to hold it.
*Biggest exception: Pinsir. Flying type?! WTF?? How is that better???








