Been playing with Lucas a lot more. Hard to say whether he's as good as Ness or whatever, but this character is definitely not bottom 10 in my opinion. PK Fire is actually really good, with good spacing it's hard to punish even on powershield if your character's dash speed is not stellar. Run back > PK Fire is very nice, and of course you have wavebounce shenanigans with it which are really good if you SH towards your opponent, since they allow you to bait a defensive option and retreat. When your opponent catches on and tries to attack or shield, you can just hit them with Fair, Nair or even tomahawk grab if your spacing is good.
Zair is insane, but everyone seems to know that. I think a big part of what makes it good is that quite simply, its hitbox is pretty generous. Most Zairs in this game just miss for no reason. Trying to actually hit with Link's Zair is painful. The effictiveness of Zair and PK Fire alone make Lucas seem at least better than low tier to me.
"PK Hoo Hah" is very good, but it's DI-able. Lucas' Dthrow is interesting because he can act almost as soon as his opponent gets launched, but his slow and floaty double jump makes it hard to follow their DI on reaction if you act quickly. If you act too slowly, they can airdodge out of any true follow-ups. Lucas' Dthrow > Uair starts killing at around 115% but what's nice is his Uthrow will kill at around 140%, which isn't TOO much later. Bthrow and Fthrow can kill earlier than that near ledges. His grabs are still dreadful; I think he has the worst pivot grab in the game, with his dash and standing grabs being bottom 5. However, against any character with bad landing options you should be able to get a reasonable number of grabs. You can trap landings dings by using PK Fire and Zair to harass opponents on the way down. Once again I think this sets Lucas apart from many of the characters who are worse than him, he has actual landing traps that can lead to very high rewards.
EDIT: @
NachoOfCheese
You may have missed the posts but Ampharos said he could be bottom 5, wedl put Lucas in his bottom 10 and various other players including Dabuz have expressed that they are underwhelemd with Lucas.
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With all this talk about the neutral game, I wanted to add that I think Greninja's Ftilt buff takes his neutral from "good" to "great". It gives him a fantastic tool in the neutral (fast, ranged, safe on block poke) which complements his mobility and can be used out of a backwards run. I really want to see some results from Greninja now because I think this buff can bridge gap he was struggling to cross between "viable" and "unviable".
His biggest weakness now is his poor OoS game, but I don't think it's bad enough to hold him back. The same goes for his supposedly poor frame data; his average frame data is poor, but actually the moves he relies on in neutral are perfectly fine frame-wise, even moreso now that Ftilt has low ending lag. His fastest move is f3 and he has plenty of moves with f10 startup or less.