Co ion substitution in Li ferrite is rarely seen. But both the Co and Li ferrites have some interesting and common properties such as high Curie temperatures and reasonably high magnetizations.
Reduction of Curie temperature to a desirable level without much weakening the super exchange interactions through anisotropy compensation is one method to fine tune the microwave properties of Li ferrite and magnetostrictive properties of Co ferrite. Who knows it may become a good magnetoelastic material for work at high frequencies. You try..