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Ok scrublords I'm going to give you the hidden tech you're looking for.
If you're running No Guard you're running Lum Berry OR using Ass Vest with a cleric (Heal Bell, Aromatherapy etc...) to cleanse Burns and other status effects that would cripple your favorite musclebound legend.
If you're using Guts, of course you don't have to worry about status effects as much. Also consider Rest Talk Guts, as you still get the Guts bonus while sleeping, personally I prefer Leftovers, Choice Band, or Life Orb when using Guts.
Finally, all this discussion about Payback is rather silly. In prebank OU (what I've used Machamp in with great success) you're only going to really run into two ghosts: Sableye and Gengar. While Payback is nice, Ghosts are the only thing you're really going to be using it against, but there's a better option: Knock Off.
252 Atk Machamp Knock Off (97.5 BP) vs. 4 HP / 0 Def Gengar: 320-378 (122.1 - 144.2%) -- guaranteed OHKO
The former, Sableye, won't likely die in one hit to anything Machamp can throw at it, however, the loss of Leftovers will dramatically reduce his ability to stay afloat. Gengar on the other hand has much to lose in the face of Knock Off--if he doesn't have a Substitute up, he's dead.
In closing I'd like to also add that Machamp is pretty flexible. I can't say for certain what moves you should use on him without looking at what your team lacks, but he's got a fairly good physical move pool along with the awesome Bullet Punch to keep fairies in check, and also finish off weak opponents who would otherwise outspeed him and U-Turn away. Just watch out for Talonflame and you'll be golden.