Don't reinvent the wheel!
First, you are correct that luaobjc and some other variants are outdated. A good overview can be found on the LuaCocoa page. LuaCocoa is fine but apparently doesn't support iPhone development, so the only other choice is Wax. Both LuaCocoa and Wax are runtime bridges, which means that you can (in theory) access every Objective-C class and method in Lua at the expense of runtime performance.
For games and from my experience the runtime performance overhead is so significant that it doesn't warrant the use of any runtime binding library. From a perspective of why one would use a scripting language, both libraries defy the purpose of favoring a scripting language over a lower-level language: they don't provide a DSL solution - which means you're still going to write what is essentially Objective-C code but with a slightly different syntax, no runtime debugging support, and no code editing support in Xcode. In other words: runtime Lua binding is a questionable solution at best, and has lots of cons going against it. Runtime Lua bindings are particularly unsuited for fast-paced action games aiming at a constantly high framerate.
What you want is a static binding. Static bindings at a minimum require you to declare what kind of methods will be available in Lua code. Some binding libraries scan your header files, others require you to provide a special declaration file similar to a header file. Most binding libraries can use both approaches. The benefit is optimal runtime performance, and being able to actually design what classes, methods and variables Lua scripts have access to.
There are but 3 candidates to bind Lua code to an iPhone app. To be fair, there are a lot more but most have one or more crucial flaws or are simply not stable or for special purposes only, or simply don't work for iPhone apps. The candidates are:
Big disadvantage shared by all Lua static binding libraries: none of them can bind directly to Objective-C code. All require to have an additional C or C++ layer available that ultimately interfaces with your Objective-C code. This has to do with how Objective-C works as a language and how small a role it has played (so far) when it comes to embedding Lua in Objective-C apps.
I recently evaluated all three binding libraries and came to enjoy SWIG. It is very well documented but has a bit of a learning curve. But I believe that learning curve is warranted because SWIG can be used to combine nearly any programming and scripting language, it can be advantageous to know how to use SWIG for future projects. Plus, once you understand their definition file implementation it turns out to be very easy (especially when compared to luabind) and considerably more flexible than tolua.
