Safety isn't that big an issue with Electric Fly, since there's not much reason to throw it out other than as an ender. You can also hold fly and either cancel out of it or delay it to mess with the opponents timing if you don't want to hitconfirm it off the B12. Jo Push might be safer to throw out in neutral at max range, but in order to get that safety you're giving up Electric Fly (and Air Electric Fly) with it's solid damage and corner carry, and a potential second move since Jo Push costs two slots.
So basically you're giving up a solid combo ender for the least damaging of Raiden's 3 launchers, in order to get some possible safety at a very specific range. And again, as far as anti-airs go if you're running into jump happy opponents you can just use Summon Lighting. It's only 11f, completely shuts down the air, and on amp does solid damage for an anti air.
I just don't see how trading out Electric Fly for Jo Push is any kind of actual net positive. Again you're getting a little bit of safety, range, and harassment, while sacrificing a solid ender, an extra possible move, and winding up with a the worst damaging launcher.
For lighting rod, the chip is nice, and controlling the opponent's movement is nice, but for the cost of a bar I just don't see how it's worth it. Putting the rod out takes around 50 frames and means giving up your turn. You also lose access to your staff moves, and it's only out for 3 seconds so again you really need to commit to whatever you're doing, whether it's a jump in, projectile, F4/F2, whatever. Especially if you choose to do an amped Lightning Rod, because if you're too slow or they simply correctly block, you've just spent a bar for at best a little bit of chip, and at worst you're still getting full combo punished. All the opponent really has to do is crouch block and then react to a deep jump in.
This is you, right?:
I think you're a very good player, but watching this video it seems like a lot of the success you had (at least in this particular match) was due to you being the better player, and not so much to Truth and Light itself. A lot of your winning was simply due to you doing a better job at hitting your punishes, and your opponent just getting hit by moves and failing to properly punish your mistakes. If you'd been playing TW or Raijin you could have done just as well if not better, since you'd have had even more potential damage.
You're clearly a better player than I am, and if Truth and Light works for you, that's great. But from an analysis standpoint, I just don't think it's a good build at all.