Well kindred got similar treatment and it's pretty effective.
Tanks will of course build both MR and armour unless it's a full ad or 1 ad 4 AP team... more importantly split resistances are more efficient than stacking a single resistance, due to diminishing returns (which is why Corki is very odd damage wise late game).
Lucian is still going to be mainly physical damage too - and the best part is that he'll have trouble taking advantage of his mixed damage until level 6 when the tanks should be keeping an eye on the mages. In a full AD team he's nowhere as good as Corki and being an ult bot isn't particularly effective.
So it's a nerf mid and late game without touching his early game, maybe up the ratio or base to make it stronger now that it's not reliant on penetration.