Good set Shurtugal! It's a shame that now it is going to be popular so you won't be killing unsuspceting Celebi so easily anymore (i know i will play safer with Celebi from now on).
Anyway on to the set. No to Life Orb and no to Calm Mind. If i want to use Calm Mind Keldeo i will use Calm Mind Keldeo, which already has a set. And if i want to use 4 attacks + LO Keldeo i can just use a 4th move over Calm Mind. So instead of slashing LO to this set, which derails from the point of this set (lure and kill kea threats), we can just AC in the Calm Mind set that Keldeo can forfeit Calm Mind for better coverage, pretty much like Mewtwo in Uber.
HP Electric and HP Bug are fine in the last slot. Mention HP Psychic in the AC, as it allows Keldeo to get past Toxicroak, while also hitting Tentacruel, Venusaur, Roserade, and Amoonguss harder than anything else. Rain Dance is fine in AC, as it can be very helpful against sun teams on a weatherless team. It works best in this set than in others because this set has the moveslot for it, and because of the bluffing of a choice set. Say Venusaur comes in to set-up against what he thinks is a choice locked Keldeo on either Secret Sword or Hydro Pump. So it uses Growth while you use Rain Dance and then smack it with Icy Wind / HP Bug, or just switch in to Ferrothorn, Jirachi or whatever, that can easily wall it in Rain.
tl;dr Don't mention Calm Mind and Life Orb anywhere, add HP Psychic to AC, and keep Rain Dance in AC.
Part of the OU QC team, message
me for a check!