I was just thinking about Bloody Lady too!

I think they are viable - it just depends on how you build it, how you equip it, and how you run it.
When builds are described as "defensive" or "offensive" it's a bit misleading. It's kinda like in chess when players ask for aggressive or solid openings - in that case it's not the opening it's how you yourself play it.
In the same respect, this holds true for how you develop your glad - you don't have to feel limited to being a one trick pony.
With the right build and strategy you can have a strong glad that you enjoy. He may not necessarily win the Blood Games, but he should certainly be capable of getting to retirement at the least (if you felt a need to try something else).
Theatrics has a lot of strong skills that offer a lot of utility and flexibility.