It would definitely reach OU, with those moves. Scizor and the rival dragons can still revenge it though.Volcarona is indeed very weak to all entry hazards, especially Stealth Rock and Toxic Spikes, but Volcarona has more flaws then that. Volcarona's physical bulk is terrible, has iffy STAB combination (In OU anyway), and a somewhat shallow movepool. Obviously the good parts override the bad parts, but Volcarona has flaws which prevents it from much more common and broken.
Anyway with that out of the way, lets talk about Kyurem for a second. Personally I would be interested if Kyurem could learn Blue Flare and Bolt Strike considering its parallels to Reshiram and Zekrom. In theory these moves would really help out Kyurem on both attacking stats while giving improved type coverage. On the physical side Bolt Strike would compliment Ice-STAB moves and can decimate Water types that typically can handle Kyurem (shame it doesn't get Icicle Crash though). Blue Flare on the other hand would give Kyurem a very powerful special attack that would be much better to decimate Steel types, not to mention giving Kyurem near perfect coverage between Dragon and Fire moves.