I don't know how other people play Lulu, but I like to play her as the name implies, a shooting star. What I mean by that is, I won't tread lightly and stay safe away from conflict. I will run to my allies that are in a fight and save them as best I can. Shooting Star Lulu needs to be FAST, and not die really easily. But also needs to be accurate. The general trade off with this build is you will (probably) do no damage at all. But that's ok, it's your job to make sure the carries don't die.

To start, Talisman of Ascension is IMO the best choice for this build. The other support items are, meh, at best, this one offers the best income. This is because you will almost always be with someone in lane standing near dying minions. Frost Queen's Claim offers more for most mages, but you won't always get to land an AA on an enemy champion. The Talisman allows you to continuously gain gold from minions without taking farm from you teammates.

This is a secret but, with Talisman of Ascension, you effectively have sustain for as long as possible. The health and mana regen is superb, and as long as you don't die, you can roam the map for a very long time without having to go hit 'b'. (most times, after laning, I would roam for about 10+ minutes straight and accumulate ~3500 gold).

For the boots, these three choices seem to work well with Super Lulu.

Boots of Mobility - Homeguard (top pick), these offer the greatest mobility and allow you to quickly get from one place to another to help your team if they tend to be spread out.

Boots of Swiftness - Captain, these give a good amount of mobility still, and the passives are great for getting you and your team in and out of fights.

Mercury's Treads - Furor, these have the least mobility but the extra magic resist is awesome. Plus the passive is great if the enemy team has a lot of CC. Your only CC is the Polymorph which won't help much in a team fight. At least this way you can get out and use the Talisman of Ascension active if you need to run.

I personally like these three items because of the Aura. And as I've said before, you're going to have to be right next to your teammates in most, if not all, fights.

Zeke's Herald, gives a good amount of health for survivability, and more than enough cooldown reduction. The aura gives your teammates extra AD + life steal so it's amazing when you have good ADC(s).

Frozen Heart, lots of defense and this will solve all your mana problems. The passive makes attacking enemies lose attack speed so it's great for when the enemy team is AD heavy.

Locket of the Iron Solari, this is a no brainer, the 400hp boost is amazing with the magic resist. It gives your allies additional health regen and magic resist so you should be right in the fight surviving with them. And the active is great if you time it right when the enemy carry uses their ult (looking at you Kat).

These items can be combined to your liking and all offer a great addition to Super Lulu.

Zz'Rot Portal, has a fair amount of defense and the extra minions can help you either defend your base or quickly take down turrets.

Mikael's Blessing, this item is great for CC heavy enemies, if your carry gets stuck, just hit them with this and use the active on Talisman of Ascension to GTFO. This one requires good accuracy and timing, things I don't excel at so I usually skip this item.

Twin Shadows, I personally love this item, it makes you a little faster and it's great for finding enemies that like to hide in the jungle a lot. Get this if you're confident in your team coordination because you will become the leader in team fights instead of the follower.

Ardent Censer, This item is great for Lulu as well. It makes your shield 10x more useful because it increases attack speed for the ally you apply it to. If a tower is low just plop a shield on your ADC and gun it down. Don't even worry about the turret fire.

Guardian Angel, only get this if your team is coordinated (aka not solo queue). You are super squishy so a smart enemy team will burst you down in seconds. The extra life can save your team in a fight and get the win but only if they can protect you long enough to get out of enemy fire.

Nashor's Tooth, get this if you're falling behind in the mid-late game and your team needs more manpower. This will quickly get you up to dueling capabilities because of the attack speed and AP. Since Pix does magic damage with your auto attack just, Polymorph, and Auto all the way home. Also useful if your team needs to split push and they are strong enough to not need you (this is rare in my games).

In cases where the game is dragging on 40-50+ minutes, and the enemy, ally, or both bases are pretty damaged, go ahead and switch up some items. Usually in these cases fights start to get a lot more wild and just happen, can't avoid them.

Rabadon's Deathcap, is great for these situations cause it gives you a MASSIVE boost to your AP stats. I only get this as a support item, not so much to fight with. Since Pix's shield, Whimsy, and Wild Growth all scale with AP, this boosts those abilities a great amount.

Lich Bane, has a very good passive ability that makes Lulus' combo so much more effective. Get this along with Nashor's Tooth to do massive damage.

Zhonya's Hourglass, is also a good late game item for any mage. If the enemy team is starting to focus on killing you first, just quickly ult your tank and use Zhonya's active to avoid damage.

Luden's Tempest, a good item with a good amount of AP. Get this if you want to be more aggressive in late game and go for kills. Combined with Nashor's Tooth or Lich Bane and it opens up a good amount of damage for Lulu.