Now, I will some information with you on the match-up. Here we go!
:Lets start with Toon Link. His combo game is decent against Rosalina's tall hurtbox, has mobility, and projectiles on his side. Thanks to his bombs, he can combo, jiggle, bait, mindgame, and even set-up kills with them because Rosalina is a easy target for them. GP can be baited for a punish if overused against his projectiles. Toon Link's up-smash or up-tile as anti-air moves so don't challenge them while landing. The down-air on Rosalina's hitbox may hit or trade with Toon Link's up-smash depending on the timing, but the trades are not worth it unless you have to. Don't challenge his up-airs while he jiggles you along with SH aerials, up-smash, up-tile, bombs, and boomerangs because the hitbox has good reach and power so he can even get early kills with them since she's light. The projectiles, z-hookshot, and his decent frame data can be a threat for Luma's life so look out. Watch out for his down-air because even if you shield(or power shield) or air dodge, his sword can still hurt Luma. Forward-air, up-b(ground and air), down-smash, and forward-smash can knock Luma back. As for edgeguarding, his projectiles are useful to set up gimps. Forward-air can kill her off stage at 90%(along with rage) since she is light. If you grab the ledge twice, then Toon Link will kill you with his down-air near the ledge. Also the back hit of the down-smash as well. Watch out for his z-hookshot because he can use for spacing, retreating, stopping your approachings, and also hit Luma even if you power-shield it. Plus, Rosalina is tall enough to get hit by it.
: Now to the Mother of stars. Her GP can causes for Toon Link, meaning that it can limit his projectile game and camping. Her Grab game is better than Toon Link because beside from kill throws, she gets more out of it than him with combos from Down-throw and up-throw. Plus, her grab has less end lag than his which you can punish for free if he misses you. N-air and back-air(RAR) as needed against his aerials along with Luma for zoning and spacing. She has more range than Toon Link and has her up-smash and up-tile as anti-air moves. If you're lucky, then her up-tile can beat Toon Link's down-air since its more disjointed, thanks to Rosalina's hitbox. Her ko potential is better than Toon Link's because his kills are short-ranged and he has a tough time landing them. Plus, he's light as well and even though his back throw is good for killing, he still has to get the grab so Rosalina wins, thanks to her range, Luma's help for early kills, and rage. Her jiggle game is better because unlike his up-airs, your up-airs are better and dangerous along with Luma for frame traps, combos, jiggling, and getting early kills(along with rage). Also, Toon Link is light, floaty, and has unsafe landing option outside of down-air which can be punished if you read it or bait him into doing so. Her Lunar landings can help you with not only landing safely, but mindgame, ledge-guarding, using star bits out of them, and even get small combos. As for edgeguarding, her down-air can spike Toon Link down out of his recovery if you hit him in the head where's it safe. Also, Luma's hitbox can get early kills on the kid since he's light and if your hitbox comes first, then you may be able to hit Toon Link out of his recovery because of Luma's hitbox. Back-air for back up if needed for a stage spike against his recovery and z-hookshot grab. Her ledge-guard are useful with Down-smash, down-tile, down-air(Rosalina's hitbox), and down-angled forward smash. Even though Toon Link's air speed is better along with alittle falling speed, Rosalina's ground mobility is good so she can keep up with him.
Stages: Avoid Lylat Criuse because the moving stage can screw her recovery over. Duck Hunt is ok because both of you can live longer, thanks to the blastzones being wide. Battlefield may help her more because while Toon Link can set up traps with his bombs and jiggle you more with platforms, she can also do as well and use the platforms for another recovery option if you need to go high and land on a platform, SH aerials against Toon Link when he's on platforms and up-tile and up-smash since she's tall. Town & City, ok for both of them because they can get early vertical kills and run around with enough space. Delfino Plaza and Halberb will be your favorite choices because not only Rosalina jiggling game will increase thanks to platforms, but you can also get earlier vertical kills because of the low ceiling with up-throw, up-smash, up-airs, and even up-tile.
Customs: I'll come back to that, later because I don't have info on Toon Link's customs.
Results: +1 in Rosalina's favor on Default only. Even though Toon Link's mobility, combo ability, and projectile game are on his side, Rosalina's options are stronger, thanks to GP to shut down his camping game, better ko potential, better jiggling, grab game, and range. This MU may favor Rosalina, but its that not bad for Toon Link either. So, if Toon Link is in the right hands of a player, then he may give you a run for your money, but you still got the advantage, though. Good luck, Rosalina players.