@NeroOps How are you setting up the rod? Are you thinking of just doing it raw in neutral, doing it after knockdown, or doing it as a string ender?
Raiden's projectiles are 27 frames. Super Bolt is 26 frames, +11 more frames if you go for the max charge. Lightning Rod has 20 frames of startup and something like 30 frames of recovery. Putting the rod out generally means Raiden loses his turn. The opponent can simply pressure Raiden with a quick projectile, or sit and block.
I just don't think Raiden gains much in terms of risk/reward using the Rod as a setup. Plenty of ways for him to get punished, limited reward.