Meh...
I like the idea, except for the fact that by switching into any move, Yoshi's tanking abilities during his doublejump INSTANTLY disappear. Yoshi's Egg Lay takes a half second to wind up, giving the opponent time to do something bad, even really gimpy, to throw you off. If Yoshi's nose wasn't so freakin' huge, I wouldn't argue with that theory at all :D
A lot of characters' ftilts would be able to crush you when trying to do this, not to mention the down tilts specifically aimed at your edge. Not to mention, a simple wavedash backwards usually throws an enemy just outside of Yoshi's tongue range.
A few other ideas that might work better than that:
1) Simply DJ into their faces, then pop a nair right on top of them: At low %s, this works wonders. You get back on the stage, suffer a bit of damage, but trade off for damage on their part. A strategy I personally use. Yoshi's DJ gives him the ability to achieve a higher average lifespan than most characters around his weight, if used correctly.
2)DJ-> airdodge or DJ->WD->shield (Simply hold down the shield button when you land): You choose where your fate will lead you. The edge is a battle of wits between you and your opponent on this one. You'll also want to time the earlier of the two just before the strike hits you. In most cases, I would recommend air dodge TOWARDS your opponent. However, some characters like it up close and personal with lil Yoshi, so just know how to judge those things.
Harder hitters, like Marth's tipped Fsmash, Ganon's SHFFL'd fairs, and other "DJ killers" (Including Yoshi himself, who can fair an opposing Yoshi out of DJ at as low as 50% from what I've noticed as of tonight! X_X Yowza...)....you may want to try and land your ascent as quickly as possible. This way, you don't have to risk having your jump cancled and lightly spiriling just short of the ledge.
One of my big philosophies with Yoshi (well, when I play as Yoshi): At any time you are at a risk of being DJ Killed , get those big azz boots on the ground! You stand a better chance of fighting back through your shield than you do with any aerial attacks. The second you DJC, say goodbye thanks to most anything....
When I say DJK (Double Jump Kill/Killed), I mean anything that can break Yoshi's tanking abilities while DJing. I.E. :
1) Taking damage beyond 50~80+% via a harsh blow (Ganon's Fair, Dair, Bair. Marth's Tipped Fsmash,.Yoshi's Fair, Hip drop. CF's Fair. Just to name a few I've noticed.)
2)Taking damage beyond 80~100+% via a medium blow. (Shiek's Fair, Usmash. Most other decent smashes at this point).
3) Going beyond 150%, most decent blows from most characters (I.E. Tilts) will more than likely DJK. At this point, being on your feet is crutial!
First off, I'd like to mention that these are GUESSTIMATIONS. Not exact numbers, just things I've noticed as I play casually. If there's research already done on this, please, submit a link to it or just say it.
I like long replies, you'll have to excuse me n_n; if I could DJ Egg Lay on the edge and get away with it, I most certainly would!