The Parkhead defender has been impressed by the performances of the 28-goal Scotland striker this term.
Griffiths - on loan from Wolves - has been rewarded with his stunning goalscoring record with both the Clydesdale Bank and Scottish Football Writers' Association player of the year prizes.
He could also become the first Leith player in 40 years to strike 30 times in a season if he musters a double in Sunday's Hampden final.
But Lustig insists it would be an act of folly to ignore the rest of the Hibs team, even if Celtic are expected to take the trophy home for the 36th time.
He said: "I think we have the better team and there is a lot of pressure on us. But that's football. Hibs want to win the game as well so it will be tough, but we are the favourites.
"Griffiths is a really good player. When we played Hibs at Easter Road, he got the goal. But there are 10 more Hibs players we have to focus on. I don't think we will have a focus just on him."
The Mount Florida showdown will be Celtic's 59th match after claiming the Clydesdale Bank Premier League flag, reaching the last 16 of the Champions League and marching to the semi-finals of the Scottish Communities League Cup.
With an average age of 24.7 years old, the Hoops' squad is the third youngest in the SPL but Lustig believes Lennon's fresh-faced troops will be primed to do even better next term.
He said: "We are all young players so having one more year (under our belt) will make us one more year experienced. Next season we want to do well in Europe. We don't want to be the team that had just one good year. We want to do well again."