Lulu is that one little shit that you can build almost anything on, even support. Even though I still recommend off-tank AP support, so you can stay alive as your team's main buffer/peeler.
Personally I prefer this, makes a great peeling and engaging device. You can go either this or talisman, depending on what you like better or what your team needs.
Felt like rushing mainly armor? This got good enough stats for you. Go Randuins if you need more HP and/or gets caught in melee range, but I honestly think FH is better.
Great for scouting and prevents facechecking. Normally you won't be able to get this much since you'll end up prioritizing to build defensively.
If anyone tells you this thing is shit on Lulu, just laugh. This works really well with your E, gives great stats, and feel awesome. Get this if you have a comp that relies on lots of autoattacking, or get it anyways because, why not?
Enough MR for everyone so they don't get one-shotted, but two-shotted.
More MR if you think Locket isn't enough. Or if you want a pretty blue shield. You get the point.
Wanna fuck healers, or just need "basic mage stats" for yourself? It's cheap, economical, and worth for you.
The only reason you're getting a chalice, is to build into that. Personally, I don't get it because of how tricky it is to use, but hey, free heal + mini cleanse for your squishies, so that's that.
Just don't get AP mid items and you're good to go.
Sorta tl;dr'd my guide here, just a perspective of what you can build http://www.lolking.net/guides/316127