I took a look at Kadano's thread but I don't think that was what I was looking for. The specific example I had was while holding ledge. I've seen AG l Arc do this and I thought I would give it a try. While holding ledge he does a Dancing Blade away from the stage and then usually follows up with some aerial. Sometimes when I do this, the initial Dancing Blade will drop me much lower and I am unable to complete this sequence of moves and return to stage after. I have not been able to find a pattern in why this happens. I have also ran into this occasionally when using the initial hit of Dancing Blade on an offstage opponent.
Oh, I forgot to mention. Grabbing ledge does not refresh your dancing blade. It does not count as a true landing.
Look at my earlier post for more info.
An example of what you're saying was shown in the recent WTFox, M2K vs Leffen at FD.
He got knocked off and used his charged dancing blade to get back to grab ledge.
This did NOT refresh it since it's not a true landing.
While he continued to edge stall, Leffen stole ledge and M2K was unable to stall with an uncharged dancing blade, causing him to lose.
To remedy this, I make it a habit to do a true landing whenever I know used my charged dancing blade. I usually do this by hax dashing, since a wave dash counts as a true landing (since it's just a jump and air dodge land). If I get knocked off again, I'll have a charged dancing blade to get back.