I think Mega Raichu should get a boost on its Attack rather than Special Attack. A Fake Out, Volt Tackle / Wild Charge / Thunderpunch, Brick Break / Iron Tail and QA set souns pretty fun and effective. I wouldn't see Mega Raichu anywhere in OU. UU is the most possible if it happens unless it gets a really good ability.
With the right boost, Raichu can be a very viable Pokemon in OU, as it has a great niche over other electric type in its ability to set up Nasty Plot or using being physically offensive.
AFAIK, Raichu is already a decent Pokemon in VGC thanks to his ability to use Fake Out and drain electric hits.