After reading the whole thread... hmm, well, Air Smashes just seem like a bad idea.
I was actually thinking about how it might be done myself, sometime last week. The problem is that all of a sudden, all of the characters' tilt airs would be just like ground tilts, and all the air smashes would be like ground smashes. I think the appeal of air moves in the last two games has been their diversity and function, and the fact that they AREN'T just your ground move set in the air.
Does that make sense? Anyway, it's a bad idea.
I'm assuming the appeal of this whole air smash/tilt thing is to lend to more air combat/comboing. But in doing that, you end up making every characters' air moveset even more uniform. It'll make things even LESS diverse by watering it all down to "use a bunch of tilts then smash them away".
What is a GOOD idea is air grabbing. Not so sure about air shielding... cool, yes, but that makes for a much more defensive game, and not as much action... all though, the more I think about it, Air Power Shielding would be good, because then you couldn't just throw up your shield and air-turtle, instead you would have to have good timing to block attacks.
To me, if you wanted to make air combot more action packed, you'd make so your air dodge doesn't leave you unable to perform moves after you use it. Like, for example, if you jumped and air-dodged, you could then use your second jump and continue to use air moves, but you couldn't air dodge again.
But what do I know? I'm one of those guys that would be happy with Melee 2.0