Yep, ended up ranked #31 in the world rankings at the end of the seson, which was actually the 3rd highest PaRappa
And PaRappa does have a few weaknesses. For one, hes REALLY short range outside of his Mic, and since his Mic is also one of his main combo starters, its easy to know what PaRappa is going to do and counter it. He does have tons of mobility though, so it makes up for a good bit of his weaknesses. He also lacks ways of comboing into his level 1 (most characters can) without being specific distances from a wall, which means even though he DOES build meter fast, he needs to build more meter than most characters in the end. Atm, I consider him around the middle of the cast viability wise (this game is hella balanced though), and PaRappa DOES counter Sackboy who is arguably the best in the game atm (Sackboy and Kratos are pretty evenly tied for best, followed very closely by Nathan/Sly/Raiden), which is a huge plus.
As for a general playstyle, the closest comparison to another character in smash playstyle wise would probably be Melee Captain Falcon, youre really fast and need to weave in and out around stuff, looking for an opening, then when you get one, you style on them hardcore with huge combos. :D
And as for Sly, hes completely fine out of tech chases. In this game, youre vulnerable and cant immediately block when you come out of a roll or get up, and you can attack before you block, so it doesnt hinder Sly at all, especially since he has teleports and a counter, which overall make him one of the better characters at handling tech chases. Regardless though, every character has problems getting out of tech chases in this game sometimes, as tech chasing in general is REALLY strong.