I wouldn't say the Honchkrow would be there just to keep returning the Lucario Lvl X (more than likely it would return a TSD for that). Honch Lvl X can be a decent enough attacker on it's own. It has 3 versatile attacks, ability to use special Dark, free retreat, fighting resistance, and energy efficient if you use Murkrow to stall for a turn. Without having actually built this yet I can see it going something like this:
Absol start until it gets KO'd or your opponent runs out of cards in hand. Bring 1-2 Lucario in to start spreading damage, drop Lucario Lvl X when it makes sense to do so. Get a Honchkrow Lvl X up while attacking with Lucario's. Stall with a Murkrow or Absol until Lucario is ready for the active spot again.
I think this would be a rather difficult deck to play correctly, because it would give you many different options during play if you can get it set up and running smoothly. The problem is that it might not be easy to get it up and running fast enough and keep it going consistantly.
Based on how I think this would play out, Plusle and/or Minun would probably work really well. Cessation Crystal would work well if you play them at the right time (on an early Absol, on a Honchkrow Lvl X, after playing Lucario Lvl X and using Stance). Premier Ball would be a vital card in this, if it comes out in GE, and make getting and using your Lvl X's much easier.