Counter Breakers allow you to counter a combo breaker. You have to press MP + MK at the point you believe your opponent will attempt a combo breaker, which will parry the combo breaker, automatically go into an opener, and reset the KV meter (allowing for larger than normal combos).
Lock Outs are when you use the wrong strength or bad timing attempting a combo breaker. Performing a combo breaker with the wrong strength results in a red X. Guessing the right strength but missing the window results in a yellow X.
If they really made a Pokemon Tekken it would be such a waste of potential.
Pokemon have such interesting abilities, it deserves a BB or Injustice set up with a variety of unique special moves, not Tekken and it's lack of even fireballs...