It mostly depends on where you would use the Skull Archfiend that makes it either an excellent choice or a poor one.
Archfiends like this one that have the negating effect possiblility belong in the advance format. Here where the 500 LP cost will be worth it. You'll have a 50% percent chance of negating cards like Snatch Steal, change of heart, sakurestu armor, trap hole, bottomless, magical cyclinders and many others that have become staples in this format. No other archfiend has that good of a chance of negating a targeting effect or than the Darkbishop archfiend. This card however can last on the field without another archfiend protecting it, although it does help having another one that aids other acrhfiends. 2500 atk won't be easy for the opponent to walk over especially since it can negate most cards that would be used to destroy it. Not even smashing ground will kill it in an archfiend deck. It will have THE weakest def out all the archfiends besides the pawn who has def of 200. All other chess archfiends have a def of at least 1400. They would have kill those before they can get Skull Archfiend with a smashing ground. For a measely 500 LP I'd say its worth it... in this format. And besides its cost is lower than that of the King or Knight archfiend. They have 800 and 900 LP payment respectively.
I cannot say why other people who play archfiend decks don't use Skull Archfiend of Lightning but I can say why I don't use it in my archfiend deck. I really don't see the space for it. I tend to use archfiend of glifer but against decks that would give my pawn, queen combination a hard time I would definitely use Skull Archfiend. Plus there's something to tribute the knight. Many times I find myself wanting to get rid of the knight (ex. scenario in which Pandemonium is still not out) and the Skull Archfiend would be a perfect choice. And once its destroyed via a card effect, you can get an archfiend like the king or the queen. Archfiend of glifer can do that as well but I usually play it for its effect, not a beatstick and I usually send it the graveyard via Painful choice. Pandemonium doesn't activiate its effect if the card is simply discarded.