I still feel No Guard is more hindering than productive on this mon with what we know we have (unless we end up giving it a bunch of status moves, but a risky statuser isn't exactly an attractive prospect, we wanted high reward too). Illusion is cool, but I honestly don't see this mon getting a lot of mileage out of it, theres not much it can effectively imitate, unless we give it a ridiculous movepool.
Simple I believe is what we should be aiming for. It has an insane reward factor, which, lets be honest, we're going to need for justifying using a Bug/Psychic. Not to mention, since we've pretty much confirmed this thing has to hit hard from both sides to be effective, double strength Intimidates would be something to consider when using.
I feel a lot of input in this CAP so far has been to create the riskiest pokemon possible, with less attention given to the actual reward factor that we're also supposed to be building around. We don't want this to end up like Medicham or Archeops, where the risk is really just too great to justify using them, despite the fact that they have the potential to ravage whatever they lay eyes on.
This is essentially my justification for picking Simple over the more riskier abilities. That said, I do like Weak Armor, however I'm pretty sure this CAP won't be given any priority moves, due to its very nature, and thus would be very susceptible to revenge killing.