I do this on occasion. You can generally follow up with ftilts and other things, especially if they whiff a grab.Um...I always do that lol.
But, something that I do that I haven't seen others do is space short hop B-airs. You have to do them on the way down, and it's actually pretty unpunishable if spaced right because you can't get grabbed. It's also pretty powerful, and sometimes even hits though a weak shield. Camping them sometimes puts the pressure on, and I often mix these with forward-Bs (and paralyzer shots) for my approach.