Once you've gotten it to work for
one class, then wouldn't just about any Objective C object be accessible
from Lua?
In fact, there are several Lua/Objective-C bridges (look on Google). The built-in support for reflection, function application, and exception handling, and the strong conventions for memory management in Objective-C make it easy to bind to scripting languages with no extra work.
It's perfectly reasonable to use Objective-C instead of tolua/SWIG and wrap up your C code in Objective-C interfaces, but you will then have a dependency on the Objective-C compiler (which is bigger than tolua), and the bindings themselves will inherit Objective-C's syntax, which is unnatural for lua.
Cheers,
Thomas.