Lulu support is actually stronger now in utility rather than damage. You should be maxing your E first and then your W and leave Q at rank 1. If anything lulu has turned into what janna used to be, an amazing peeler/baby sitter.
For builds you should be rushing censor on her since the stats it gives are just perfect for her, MS, AP, cdr and mana regen. The passive on censor will stack with your W giving someone 50% AS and it will also buff your shields even more and the magic damage stacks up with pix while u shield an ally.
Ardent censor- locket- crucible- lucidity boots- red sighstone- and you can build frost queen or sell it for something else (zekes maybe)
That should give you 40% cdr and u can replace lucidity with other boots if u go zekes. Her play style is a lot like janna but a bit more aggressive, u could always go talisman as well.