The answer should look a little bit like my question with Regigigas before. Let's say it needed the Jade Orb instead of having the move Dragon Ascent, or something like a "Rayquazanite". Would Rayquaza still be stuck in Anything Goes, or would he be brought back to Ubers, because now it cannot Mega Evolve with a held item.
It is hard to say but while it would lose an item slot, it would still be broken overpowered even without a life orb or a different item with its incredible 180 in both attacking stats and its brilliant ability. I would assume it would be a hard decision for them to make but I would assume that it would continue to stay in AG as it is just that powerful and even one ddance will allow it to sweep teams easily unless they have a hard balanced counter to deal with it so yeah it would most likely stay AG.