Well, that evens out by the fact that Lucario sucks in-stage... right?
The more time I spend with Project M and looking over a variety of different game balance methods in general, the more I feel as though the "more power here equals less power there" mentality, though it may seem effective at first, will often result in things like Brawl's Ganondorf ("Let's make him kill really well if he lands a hit and make landing hits harder with slower moves and hitboxes just a tiny bit bigger than the hurtboxes." At least, that's how it looks to me.), in which the character is overall less effective than someone with a flaw versus strength design that uses a much broader view.
But, for the sake of science, let's have a look at Lucario here with these two different methods of balancing.
So if one were to arbitrarily quantify the character's overall power with a number, which isn't really important, the value would always remain the same, as one side would have less as the other had more. Using this balancing method, Lucario's on-stage game should be less effective than someone with a poor recovery (Falcon or Marth, for example). And in quite a few rights it is... sorta, which brings me to the next method of balancing.
The broadened method of balancing dictates that the arbitrary number decided before is somewhat blurry, so to speak. Examining Lucario's recovery closely, it consists of a DJ, Double Team, and Extreme Speed, which inevitably give him plenty of horizontal and vertical coverage when returning to stage. To add to this, he can sweetspot the ledge with Extreme Speed and the attack deals damage. Those are some pretty awesome traits. So where is the flaw that makes up for this awesome strength? Spread out across the character, even into his recovery itself.
Looking at the recovery first, DT is predictable, and a fairly easy read and punish, as it has a rather long startup and end lag. Extreme Speed, while not as easy to predict, is easy to read (has a sweetspot, aiming for sweetspot), and the actual hitboxes of the attack are fairly tight with the character's hurtboxes, deal one damage and low (or none. Not sure which.) knockback (spare the end hitbox), which can therefore be easily, if not safely, challenged. Forcing a high recovery also subjects Lucario to a rather long vulnerable period upon landing from fall state, whereas to my knowledge forcing low prevents him from sweetspotting the ledge (if this is possible I
still don't know how). (Note that this changes slightly if Lucario has an Aura Charge)
Now then, overall character traits. We'll just look at the flaws, to save time. He is medium weight, and his fall speed is such that the character is fairly easy to combo. He has an exceptionally small shield for his size, meaning that it can take far less punishment before shield pokes become viable against him. His shield also never covers his entire body iirc. His air speed is rather lacking, which means his ability to give chase and recover horizontally is reduced. His WD to my knowledge is considered rather poor. In addition, a vast number of the moves in his moveset possess small hitboxes and substantial endlag, thus severely reducing his approach and defensive spacing options (though this point is probably better left up to debate, in my opinion.).
Lucario doesn't have worse on-stage because his off-stage is decent; he instead has flaws spread out across his entire design to help counterbalance his strengths, such as a long distance recovery and rather ludicrous looking offensives.
Quite a few characters seem to have this design it feels like. But poor Ivysaur is kinda just outa luck, from what I can see (Awesome illustration, by the way!). I'm sure if I played the character I could explain the counterbalance to such an easy to edgeguard recovery, but, as one might have guessed, I play Lucario as a main.