Jolly does definitely, I don't even need to calc that, he only needs about 15 speed points to surpass Greninja. He definitely needs LO for dat power, and Choice items are really bad due to his flawless neutral and very good (10/18) SE coverage. The only other set I'd run for Tyrantrum is a Rock polish/LO/Adamant set with EVs taken out of speed and put into HP. Essentially giving you bulk and speed at the loss of power. This would be able to outspeed Greninja and better survive things like Scizor, but it would have a harder time against physical walls.Does Jolly outspeed Greninja?
And does Tyrantrum even need Life orb? Isn't he strong enough anyway? He could run Lum or Lefties.
And TwinklePuff, no +1 LO Adamant Head Smash OHKO's 248/0 Scizor (With 30-50% damage to spare, though, so maybe some power could be taken away somewhere).
Edit: Even without a boost, very dangerous: 252+ Atk Life Orb (custom) Head Smash vs. 248 HP / 0 Def Scizor: 333-394 (97.08 - 114.86%) -- 81.25% chance to OHKO
Muscle band is an interesting idea, it's certainly possible considering his already outrageous power and the fact that LO recoil is honest to god one of the things that will end your RH Tyrantrum before anything else. It's definitely worth considering.