Understanding the effects of lattice strain on oxygen surface and diffusion kinetics in oxides is a controversial subject that is critical for developing efficient energy storage and conversion materials. In this work, high-quality epitaxial thin films of the model perovskite La_0.5Sr_0.5Mn_0.5Co_0.5O_3-δ (LSMC), under compressive or tensile strain, are characterized with a combination of in situ and ex situ bulk and surface-sensitive techniques. The results demonstrate a nonlinear correlation of mechanical and chemical properties as a function of the operation conditions. It is observed that the effect of strain on reducibility is dependent on the "effective strain" induced on the chemical bonds. In-plain strain, and in particular the relative B-O length bond, is the key factor controlling which of the B-site cation can be reduced preferentially. Furthermore, the need to use a set of complimentary techniques to isolate different chemically induced strain effects is proven. With this, it is confirmed that tensile strain favors the stabilization of a more reduced lattice, accompanied by greater segregation of strontium secondary phases and a decrease of oxygen exchange kinetics on LSMC thin films.