Personally I would love to see this guy as a "pseudo-legend", but I use that term loosely as there really is no true definition of it. I mean, lets look at how "pseudo-legends" were defined over the generations.
GenII: 600 BST, 134 Attack as highest stat, Reptilian origin, two prevos, gender.
GenIII: 600 BST, 134 or higher attack as highest stat, two prevos.
GenIV: 600 BST, 130 or higher attack as highest stat, two prevos.
GenV: 600 BST, one stat of 125 or higher, two prevos.
Now obviously, even with that most general definition, Aurumoth still doesn't fit in, but these definitions get more and more general each time a new one is added. The only two factors that have never changed are the BST and two prevos, and we already achieve one of them. I wouldn't say it is a stretch to make it "pseudo-legend" at all, seeing as all that even means is giving it two prevos.
Legend on the other hand is a definitive status recognized by Game Freak, Nintendo, TPCi, and whoever else you care about. It has a much stricter (if simpler) definition too, being: No evolutionary relatives, can't breed, has "legendary" status in world (meaning there are actual legends regarding it), and that's about it.
Now, obviously both of these are easily achievable, but I have a feeling that the competitive aspects of this project will necessitate an egg movepool which would pretty much disqualify it from legendary status. While, as I said, "pseudo-legend" is an ill-defined fan made term that we can easily interpret however we want, in game precedent suggests two prevos, and that would be personally what I would like to see.
And I mean, really, which would be a worse flavor faux pas: making it a "pseudo-legend" that isn't big or giving it level up Close Combat and Hydro Pump and the like to make sure it has no egg moves so it can be a legend?
<jas61292> I record everything
<nyttyn> prove it.
<nyttyn> WHAT WAS THE VERY FIRST THING I EVER SAID IN THIS CHANNEL.
<jas61292> [06/02/12 | 12:43] <NyttyN> Huh what deo you know shelll smash did get banned
<nyttyn> well congratulations jas your stalker nexus has reached an all time high.