Nope, non-Regenerator Ho-oh is useless :( (or, completely outclassed).Great, heal, or luxury. Personally, I think Heal Ball fits the best, especially with its Poison Heal ability.
Looking for a Groudon to touch trade. And is there really any point in SR'ing Ho-Oh since it'll just have Pressure? Might just catch it after I'm done with Terrakion. (which might take awhile)