The Link vs Cloud MU, I know for certain, isn't going to be easy for Cloud at all. Link can just kill Cloud earlier than reversed, Link has more reward and Link has better range, KO options and combo options against Cloud, as well as baiting. Since Link has his infamous N-Air of Doom (since it gimps any character with an abysmal recovery, like Cloud), Cloud will not have a chance of recovering if he doesn't have Limit Climhazzard. If Link can't use N-Air, he can always use D-Air, F-Air or, on the edge, use F-Tilt.
Link is also one of the only characters who can beat Cloud's Limit Down B, since Link can kind of get back on stage by using his F-Air getup tech. ZeRo said Cloud can cover everything with it, but this is not true, since Link's F-Air beats it outright as a bait and punish maneuver (so in short, ZeRo exaggerated). Cloud's attacks make Link's look wonderful in comparison, since Link has the much faster attacks and much better frame data (on Smashes and certain tilts ONLY) and projectiles. Link's Bomb can beat Cloud's Limit Blade Beam (since that Bomb can beat a lot of things), Link has no trouble in getting in a lot of damage and comparable to Cloud, Link can get the job done in damage and KO reward.
Cloud has a better Dash Attack and can easily punish Link's N-Air when he lands, but only if Link wants to do D-Smash instead of F-Smash and Jab. Otherwise, Cloud will need to try to think of something to get past the brick wall of Link. Cloud's F-Air meteor is abysmal to anyone aside from the three lugs, so Cloud may have a tough time hitting Link with that meteor, and may instead hit Link with the normal hit.
I believe in the coming days, I might have more information, but these are my preliminary runs against Cloud players (good ones). Cloud has a preliminary score against Link of...
Cloud <--- 35 : 65 ---> Link