Ludo is genuinely the most exciting character of the show right now. He has sooo much of a character development still before him.
The thing about Ludo is- he's not a master strategist. He never was, his plans are shit, he can't think under stressful conditions, he can't stay focused and he can't play other people. He's not a villain of the same type as Toffee.
What he is, is a survivalist. Ludo in the wild has shown that the motherfucker is absolutely tenacious when his life is on the line.
Thing is, it doesn't seem that it was actually his plan to start growing corn and amass an army, it seems to be the wand's doing, whether the wand actually IS Toffee in some way or not.
Ludo originally was just hungry. That's it. He realizes he's on Mewnie and he strolls into the rat bar. He learns how the wand works and when he finally does it starts talking to him. And only after that he actually starts working with a semblance of tactics in mind.
So that now begs the question. When Ludo finds out he's been manipulated (again), by Toffee (again) and loses everything (again), in what way is it going to change him? Will he become even more jaded, becoming the tyrant he actually seems to be now or is something dramatic going to happen to turn him away from this path? Would Ludo having lost everything twice trying to pursue evil, decide to change sides? Would he need an additional push?
These are questions that are genuinely interesting and for this reason the little guy is absolutely a GEM of villain.