Welcome to MKO and to the Mortal Kombat franchise. In regards to your question, you estimated correctly in surmising Kung Lao as a force to be reckoned with. I'll include a list of BnB's here as well as a link to a proper guide.

GUIDE LINK

Updated Kung Lao BnB list:

Meterless midscreen:
·Spin, dash, jumpkick+divekick, divekick, 24 = 30%
·112 Spin, dash, jumpkick+divekick, divekick, 24 = 34%
·21 Spin, dash, jumpkick+divekick, divekick, 24 = 35%
·2121 Spin, dash, jumpkick+divekick, f3+spin, 24 = 32%
·B1f1 Spin, dash, jumpkick+divekick, divekick, 24 = 36%
·B33 Spin, dash, jumpkick+divekick, divekick, 24 = 32%
·Tele delay 3 112/21 spin, dash, jumpkick+divekick, divekick, 24 = 41%/43%
·Instant air dive kick outside mileena d4 range, F3+Spin, dash, jumpkick+divekick, dash, 24= 32%
·Deep jumpkick, roll+spin, 1,1,1, 24 = 29%
·Anti Air spin: spin, slight dash, NJP, divekick, dash 1, 24 = 27%
·Anti Air standing 2: 2, dash, 2+spin,1,1,1, 24 = 28%
·Tele 2, jumpkick+divekick, roll+spin, divekick, small dash 24 = 37%

Midscreen 1 Meter:
·Spin, dash, jumpkick+divekick, Dash, 2+Ex Hat, divekick, 24 = 39%
·112 Spin, dash, jumpkick+divekick , Dash, 2+Ex Hat , divekick, 24 = 41%
·21 Spin, dash, jumpkick+divekick, Dash, 2+Ex Hat, divekick, 24 = 43%
·2121 Spin, dash, jumpkick+divekick, Dash, 2+Ex Hat, divekick, 24 = 36%
·B1f1 Spin, dash, jumpkick+divekick, Dash, 2+Ex Hat, divekick, 24 = 43%
·B33 Spin, dash, jumpkick+divekick, Dash, 2+Ex Hat, divekick, 24 = 40%
·Tele delay 3 112/21 spin, dash, jumpkick+divekick, Dash, 2+Ex Hat, divekick, 24 = 48%/49%
·Deep jumpkick, roll+spin, 2+Ex Hat, 1,1, 24 = 36%
·EX divekick(safe on block height), slight dash standing 1, dash 24 = 25%
·Ex Spin, dive kick, 1, 24 = 25%

24 Ex spin, divekick, 1, 24 =31%
Crossover divekick, Ex-spin, dive kick, 24 = 29%

AA 2 / EX hat - Jump Kick / Dive Kick - F3 / Spin >> 2, 4, 1+3: 2 (42% - 1 Bar).

dive kick~ex spin, dive kick, 24~1+3 2 = 29%

Corner Combos Meterless:
·Divekick into corner: 21Spin, jumpkick+tele3, 1121, 24 = 37%
·(any string that combos into spin) Spin, jumpkick+divekick, backwards Jumpkick+tele3, 1121, 24 = 40% off of 21
·B1f1, naked spin, jumpkick+divekick, backwards jumpkick+tele3, 1121, 24 = 40%
·Tele 2, jumpkick+dive kick, jumpkick tele 3, 24spin, 1, 24 = 42%
·Tele 3 112/21 Spin, jumpkick+divekick, backwards Jumpkick+tele3, 1121, 24 = 47% off of 21

Corner Combos 1 Meter
·Divekick into corner: 21Spin, jumpkick+tele3, standing 3+Ex Hat, Jumpkick+Tele3, 24 = 44%
·(any string that combos into spin) Spin, jumpkick+divekick, backwards Jumpkick+tele3, Standing3+Ex Hat, jumpkick+tele3, 24 = 48% off of 21
·B1f1, naked spin, jumpkick+divekick, backwards jumpkick+tele3, standing 3+Ex hat, Jumpkick+tele3, 24 = 46%

X-Ray Combos:
X–ray: 1,1,1,1, 24 = 49%
X-ray: f3+spin, 24 = 49%
Unbreakable: X-ray into low hat = 36%
X-ray corner: 1, jumpkick+divekick, 1, 1121, 24 = 55%
24(hitconfirm) xray, f3, spin, 24 = 52%

Situational Combos:
Midscreen 1 Meter unbreakable: Spin, Ex Hat, tele 1 = 23%
Air to Air Jumpkick: Jumpkick+divekick, roll+spin, divekick, 24 = 33%
Air to Air Jumpkick in the corner: Jumpkick+divekick, jumpkick+tele3, 1121,24+spin, 24
Air to Air Jumppunch: Jumppunch, roll+spin, 1,1,1, 24 = 19% might be a better one
24 spin(stance specific) dash, jumpkick+divekick, divekick, 24 = 35%
24 Spin( In the corner) jumpkick+divekick, backwards Jumpkick+divekick, 1121, 24 = 40%

Anti-air dive kick: divekick, f3+spin, dash, jumpkick+divekick, slight dash 24 = 30%

I would love to play you on steam, but I could never get MK9 to run properly on my computer (it's slow to the point of being unplayable).

Kung Lao is one of those few characters I never even touched since playing the game. The only advice I can give you is use whiffed dive-kick to close in space. Kung Lao shuts down space like none other. You can't play a traditional footsie game against him.

If you need tips regarding almost any other character, I'd be more than glad to throw out some info. Let me know if you ever wanna play on 360.

Thanks for the replies, I know the execution for the combo's but they are so hard to pull off lol... it's so unfair cuz raiden and sub-zero combo's are epic easy for the same damage :S