Projectiles mess with Falcon hard, as well as a usmash. Soft nair helps start stuff, and at higher percents utilt does well. Link can pressure Falcon fine till he gets a combo. Mostly a repeat, but it's not a ++ matchup. That pretty much implies that Link can't do anything. Falcon has an advantage, but not by that much, from equal to plus. Not plus/plusplus. >_<
Usmash starts best from a techchase, but getting Falcon to lie down/tech or just plain mess up isn't that hard when Link has projectiles, his ranged fair [which is disjointed], or his dair. Bair works decently. It's a bit difficult to grab/Usmash Link, when Link's projectiles are slowing Falcon's approach, and he outranges Falcon with fair/dair. It takes skillz, of course, to prevent it, but we're assuming a Link that knows what he's doing vs a Falcon that knows what it's doing.
Also, Falcon's recovery is a piece of cake for Link to edgeguard. Fsmash, UpB, Dair, maybe dsmash, sometimes fair. Boomerangs may set up for a better edgeguard. Falcon also edgeguards Link fine, but Link does a better job. Falcon sets it up easier though.
Falcon can combo Link as well as he can combo himself. That alone ends the summation of Falcon's combos on Link.
Might as well do a longer argument despite probably an error or two, just to avoid one sentence counters. These are more fun.