This moveset is good, is balanced, can do well in a variety of scenários, is not perfectly effective as an especialized set for especific situations, but is usefull enought to be effective in most.
However V-create and dragon ascent together is not very effective in your particular set, since fire and flying types share many type machups. For example, grass and bug, which are types who appear very often. And for a especialized set would be ok if adds to your especialization, but for a balanced, needs variety. Maybe replacing one of thoose (mostly V-Create) with another move (Dragon dance being a good option) that benefit your particular setup can increase your odds and expand your possibilities.
Your setup looks to be focusing your Rayquaza for offense using speed, pokémons who go trough that way, shouldn't be worry about having his defense/special defense lowered, since they use speed, they'll mostly attack first, and using powerfull moves will be rare for an enemy to stay alive after one hit. If you understand that, you are making good use of Rayquaze personal style and move. However if you Rayquaza was walking the patch of moving slowly, have to increase HP instead of Speed, then this would be definitively a problem (mostly if the pokémon was not sent as the last one or finisher), but is not your case.
Also, if your speed is good enought, focus sash can still benefit you, but not as much as another item. If most enemies will not resist your one hit kills and your speed to attack first, they'll barely have a chance to hit you at all, so using an item to maximize damage would be used more often. Something that increase flying or dragon moves for example, since are your maim moves. Focus sash would be more usefull if you are frequently outspeeded or the enemy survive your moves often. In theory can be different than in practice, in regards focus sash, you should try it a bit, see if your enemies are really outspeeding you or surviving your hits often. If they are, keep focus sash, if is not that often, swap it for another item.
You are on the right way, hope I helped and I wish you luck with your setups!