Double posting with the PM stuff.
Green Missile's aerial ending animation (SpecialAirSEnd) lasts 30 frames, during which he cannot act. If Luigi lands before that animation begins, he goes directly into 41 frames of land lag (SpecialSEnd). However, if he slides off the ground during frame x of SpecialSEnd, then he transitions into frame x+1 of SpecialAirSEnd.
In other words, if you edge-cancel GM, then Luigi has (at least) 30 frames between touching the ground and being able to act. The "at least" comes in if he slides off after 30 frames of SpecialSEnd have already passed, in which case he can act immediately upon leaving the ground. If you fails the edge cancel and he doesn't slide off, he faces an additional 11 frames of lag.
I didn't think to check in game, but it should be that if Luigi lands during frame x of SpecialAirSEnd, he goes into frame x+1 of SpecialSEnd.
So, if you want to cut off the falling portion of GM, then you want to space it so that Luigi lands on his first frame of descent, and thus starts SpecialSEnd. To shave off even more time, he should slide off during the first 30 frames. I should probably have checked to see how long GM falls and when it loses its hitbox, but it should still almost always be worth landing early (bar mixups), in which case it's always best to edge-cancel the landing, preferably sliding off close to frame 30 without going over.