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There's no way this guy won't be viable. Trailers have shown it using some pretty powerful Water-Type moves. This thing is supposed to strike fear in the heart of Gyrados.
In terms of sheer BST, it's going to be monstrous to make up for the lack of additional ability, seeing that its sole ability is the equivalent of an evolution.
Of course, there's a question - but what about coverage? That does worry me to be honest. Hopefully it gets Signal Beam and Earthquake.
I can almost imagine this thing having its own equivalent of Vespiquen's signature moves, but Water Type and can only specifically work with School Form.