There's opportunity cost to using these items, but there's no ACTUAL cost. Whereas LO gives the recoil, and choice items lock you into a move.
Besides,
LO Flamethrower, Surf, Fire Blast, Thunderbolt: 95 x 1.3 = 123.5 EBP (Effective Base Power), 100% acc
Wide Lens Fire Blast: 120 EBP, 93.5% acc
Wide Lens Hydro Pump: 120 EBP, 88% acc
Wide Lens Blizzard, Thunder: 120 EBP, 77% acc
The power difference is insignificant. Wide Lensed moves still suffer from inaccuracy though. If you're using fire and water, Wide Lens is viable, but if you're using thunder or ice (more common), LO is probably the best.
Of course, you give up the most powerful option but least accurate option, LOed versions of the more powerful attacks, which hit for 156 EBP.
If it's on a slow tank, you can use Zoom Lens, which brings the accuracies much higher, and means it really should be the choice over LOed lower power moves. Even then, you have to consider alternatives like Leftovers, Expert Belt, whatever.