Blaziken absolutely needs LO, and Flare Blitz outside of the sun. Yes, recoil hurts, but Blaziken is much too frail to miss on any KO. Balloon won't work with SD, as any moderately good player will attack you right away and pop it. Its best SD set is probably :
Blaziken @ Life Orb
Adamant, obvious EVs
- Swords Dance
- Hi Jump Kick
- Flare Blitz (Blaze Kick in the sun)
- Stone Edge / Protect
About Protect, yes, it does lose coverage, but don't forget we're talking about 120 base Attack, Adamant, with SD and 130 + 120 BP STABs. +2 HJK is already strong enough to OHKO any Latios and does 85.7% - 101.1% to 252HP Latias, so it almost always OHKO with rocks. You lose to Salamence, Gyarados, Burungeru and Chandelure, but you can no longer be revenged by Excadrill, which is much more common and dangerous than any of them. Furthermore, as we all know how difficult it can be to get that one SD, Blaziken can still be a very potent late-game cleaner, as 130BP Fighting STAB from 372 Atk + LO hurts A LOT.
It's a choice between being
Also, Shadow Claw really only brings more accuracy but leaves you vulnerable to Gyarados and Salamence. Stone Edge does 78.5% - 92.3% to even 252HP/172Def Burungeru, which is a OHKO in most standard battle conditions. Because of its higher BP, you can also use it to OHKO half the metagame instead of HJK when suspecting a Protect/Ghost switch in.
I've been experimenting with it, and it's really the only reason I got this far (easily 1450 on PO's server) with a playstyle as notoriously bad as Heavy Offense... Seriously, Deo-S set up screens while TTar comes trying to Crunch it, I get a free set-up fodder (nobody runs unchoiced EQ anymore, and even unchoiced Stone Edge is rare) and enough protection to survive priority and Destroy half of the enemy, while Deo is still alive to make one last screen.