Psychic/Fire is NOT the worst typing ever, offensively or defensively. Gamefreak has given us far worse. Fire/Rock, Water/Rock, Grass/Bug and such say hi. At least its not quad weak to anything. And really, its not that bad of an offensive typing, and with its many Fighting moves, it actually gets perfect coverage I think (most of the pokemon that resist psy/fire are part Dark)
IMO you could run max speed with Cheer Up to get a pretty good wall-breaker out of this guy, and I could even see a gimmick set with Wide Lens using Purgatory to pull out the burnhammer :P
Honestly I just think he should be getting more love. He looks to be much more offensively oriented than other sprite legends and I actually think his typing lends itself to that. He may not be met with open arms in OU but i can see ubers having a spot for him.