Skyloft is an interesting stage for Wolf. He can Flashwalk in 5 different places: the stairs, and the 4 slants under and on top of the pavilion near the left ledge. Flashwalking is completely safe on shield, because as soon as the shieldstun wear's off, the game "compensates" for the time you spent still, and you go zooming back. You can also control how far you slide back, depending on whether or not you are holding down. If you hold down, you slide far back. If you keep the stick in neutral, you will slide back a shorter distance, leaving you closer to your opponent.
If you Flashwalk towards the ledge on the the little slant under the pavilion that faces the stairs, you will autocancel on the ledge. A fun technique is to Flashwalk ledgecancel, and immediately Flash back towards the stage. One combo you can do is sourspot Flash > Ledgecancel > Flash.
Also, the threat of being able to plant a safe Flash almost anywhere on the stage is an excellent mind game. You can mix up where you slide, making it difficult for your opponent to know where you are going to be. For example, if you attack from behind the opponent, you can cancel the Flash in a way where you appear in front of him, but then immediately slide behind him.
Wolf can reach any place along the ground with a Flashwalk, except the very end of the right side of the stage.