I think lava rock would drain much faster than hydroballs. It's extremely porous, and would not hold on to water much at all. Clay would absorb the water and allow it to evaporate slowly.
Great question. Im about to set up a large terrarium and I was going to try out lava rock myself. I dont see why it wouldnt work. Ive read about all kinds of rocks and gravels being used for drainage in dart frog enclosures. Lava seems to be the the closest rock out there to hydroballs.