Yes, Ludicolo is definetely I Pokemon worth getting and like sumwun pointed out Lotad can be caught very early in the game and is easy enough to evolve into Ludicolo "so it can be useful for most of the playthrough". And with high Sp. Def, good Sp. Atk. The other stats are good and even aswell.
I would recommend Ludicolo to act a mix between tank and Sp. Attacker.
I'll make a list of Nature, EVs and moves below, and altough I understand that you might not EV-train it, I'll do it just to cover as much as I can in case you or anyone else wants to.
Ability: Rain Dish
Nature: Modest Nature
EVs for tank: 252 Sp. Def / 252 Def / 4 Sp. Atk
EVs for mixed: 252 Sp. Atk / 126 Sp. Def / 130 Def
Moves for tank: Giga Drain, Surf, Toxic and Rain Dance
Moves for mixed: Giga Drain, Surf, Rain Dance and Ice Beam
Please do remember that this is my opinion and I'm stating facts about what's the best setup. Infact I am very new to this and I may be completely wrong here.
But I do hope I helped you atleast a little. :)
-I like Gibble
P.S reading this through again I realized I made quite few typos... Please ignore those :)