First of I will let you know that this is a build in progress, and my first guide.

(And I will come back and fix the spelling and grammar, and make it look pretty as soon as I have time, at the moment I just want to get it up ASAP for usefullness)

Constructive criticism is very welcome.

I am by no means souly a support player, but I would consider it my expertise. It is the champ role I fell into naturally and easily, and although I am just a new kid on the ranked scene I do feel I have at least the qualification to advise players that are new to the role of support.

SO focussing on Lulu, the first thing that struck me about this new champ was her abillity to wreck some serious havoc/damage as well as fufulling a tradtional support role. She does not have serious healing potential unlike a lot of other support champs which was the main decider for me to play her in more of a hybrid AP mage/support role. She is awesome in team fights, able to disable the opposition while providing her allies amazing buffs that keep them alive just that little bit longer in order to achieve an Ace.

SO to start with I'm just going to keep this guide simple, and slowly flesh it out; hopefully incorparating some of the useful feedback I get back.

Upon first look it may appear that my mastery selection is a curious choice. However as mentioned Lulu has a very good AP mage support hybrid capacity. The explanation as to why I choose these masteries follows:

First off I had tried her with tradtional support masteries but realised that her abilities especially glitterlance could do a lot more damage with more more AP, and found that I wished she could stand up a little bit more in team fights.

Secondly I tried her with tradtional AP mage masteries but found I really missed the addtional gold you rake up with support ones, especially since I was warding and trying out various builds.

So these masteries are essentially the compremise I came to and I like it. I'm doing more magic damage then a tradtional support, i've seen a definite increase in survivers of team fights and I'm able to still build quickly without hogging the ad ranged's (usually) farm.

I stuck to what can generally be used for most supports ruins so as to be a bit more hardy in team fights. The increase in Lulu's ap and decrease in cd is provided in the build.
by maxing out in:

Greater Mark of Warding.

Greater Seal of Resilience

&
Greater Glyph of Shielding

Lulu becomes a lot more rubust; which you need her to be in order to really turn about and win those team fights.

As far as quintessences go you can really make them what you like, excercise your better judgement :P

So we start out building along tradtional support lines: Phil Stone, Heart of Gold, Ionian boots, and lots and lots of wards. We build this becauase the first 10 mins of the game is really for farming, getting kills if your lucky!, more farming, and getting your AD ranged carry and yourself to 6 as soon as possible. You dont want to focus on damage just yet so you wanna make sure your not getting ganked, that you've got mana regen and health, and most importantly lots of lots and gold to let you buy those esxpensive AP items later.

So the AP & CD items; mid game a few turrets should be down people will be focusing on kills and your going to be getting in more and more team fights. (I recognise not always the case). You build the AP now because the other team is not fed (hopefully) and therefore cannot just simply three or worse one hit you in team fights. You build the AP so you can do more damage, maybe get some of your own kills but certainly increase the ammount of assists you'd be getting if you hadn't built those Items. The CD should also be helping you turn team fights as you will be able to buff everybody and disabble the other team much more frequently. I've been playing around with using Deathfire Grasp at the moment because of its AP CD and neat active, however feel free to substitute it for something else such as Rabadon's, Void Staff, Rylai's or RoA. I wouldn't reccommend building more than two of these at this stage cause you definitely need the CD as well as the armor, health etc of the rest of the build as it becomes later game.

Shurelya's is great for CD and health and follows logically as you already have Phil stone.
Frozen heart has CD reduction, Mana, armor and a cool passive :)
Randuin's has armor and health and an awesome passive and active for late game.

After you reach this point feel free to excercise your own judgement as to what will help you late game.

Also don't neglect to buy wards throughout the game, very important to keep the Baron and essential bushes warded as the game progresses.

Summoner spells:
I find the summoner spells Clarity & Teleport very useful.

Clarity is definitely an essential pick if the majority of your team or at least who your laning with has mana. I have had many marraige proposals due to effective use of clarity in the middle of team fights.

Teleport is great for getting back in lane quickly, rejoining your team when their pushing, and preventing the enemy team from back dooring.

Playing in this hybrid role I would heavily reccomend you use both of these, however which ever summoner spells you use should always be determined by your own play style and preference as well as what will most benefit your team.

When to do what:
Glitterlance is a very useful ability, you can slow inbound enemies in order to get away as well as slowing outbound ones determined to escape you and your allies. It can do quite a bit of damage especially when you start building some AP and is the best spell for you to use before spamming others as Q W E should leave your enemy quite crippled and especially vulnerable to your teamates. Its the first I max as I find it much better then the help Pix buff at getting out of sticky situations, and its use will more likely result in your team getting kills.

Whimsy is the next thing I max, great as mentioned for using straight out of glitterlance. I have to admit it is my favourite out of Lulu's abilities as being able to see your opponent stuck as a fluffy harmless squirrel for a couple of seconds is just priceless. I especially love using it on Warwick and Voli, or nid in Cat form. (not really relevant but try it out :P) Note it is very useful to use on enemies approaching a wounded ally often making them double back and giving your ally time to get away.

'Help Pix' is fairly self explanitory, buff allies or damage enemies when apprpriate. In Team fights usually best to keep spamming it as a buff unless your team has high health and theirs low.

Finally Wild Growth is best used on tanks, especially when their near the center of a team fight, can also be useful to use on self when escaping or finishing off a kill in lane. When attacking turrets I find it very handy to use on your team mate (espec if their a tank) to speed along its destruction, If your low on minions the added health bonus means there is not reason for your team mate to urgently retreat.

Finally:
A further and very important tip is to always try and stay on the edge of team fights; you must still stay within range to use your abilities effectively, and keep using them as much as possible, but it is important to stay on the edge to avoid as many ults, stuns, etc as you can, extending your life so you can extend the life of your allies and turn fights.

There is definitely a lot more for me to review and add, but I will leave you with this for the moment. I hope you find it helpful, try it out and if you like it vote up, If you try and dont like please leave contructive feedback to let me know how I could improve this guide.

HF & GL guys!