Seriously wtf were the devs thinking giving TL one of the top 5 strongest fsmashes in the game. Bthrow and usmash are also way too strong and even random uair/fair closes ou stocks pretty reliably and can be comboed into. I think the character is ... ridiculous.
You know I play TL since Brawl and i must say, I feel like he is Mid-Tier for some obvious reasons.
First TLs Struggle:
My opinion is that TLs most Problem MU is everyone who can make a good use of his own shield (Out of Shield Options and Powershield Options). Thats one of the most problems, when TL is facing anyone. His hitconfirms with projectiles leads into Combos and everything else is unsafe. Just play defensive and make good choices in your OoS Options and Powershield, to rack up damage all the time against TL. If you play safe vs him, he will get under pressure and will take some stupid decision to break your def, which can easily punish, also you can catch the bomb to instant throw it against us and use the properties to your advantage.
TLs play will be just throw stuff and hope you get nervous and use stupid decision which get punished, if you keep your mind calm, its really hard to win with TL. Sometimes I feel helpless cause all options I choice are easy to punish if your opponent stay calm. Nothing, except for Spam is safe, so you will keep up spamming a lot to get the opponent nervous, if he understands to go through it, its over.
Another problem which he got is his neutral game, its useless and no help for TL, Bair, Uair, Dair, F-Smash, D-Smash are really laggy and will always get punished, if you use it near the opponent.
To compensate the lags of his moves you have to use the boomerang, which needs a lot of skills time it correctly and its as long the round
In my opinion TLs Playstyle will exhaust the player by time, so just play defensive and wait until TL is trying to go aggro, which you can punish him really easily.
Second Killoptions:
You wont get an F-Smash Kill, if you dont have a hard read, even the second hit is not guarantee after first hit-confirm. B-Throw is ok as a killmove, but not OP, because to get the grab is really hard with him (Teather Grab Problems), so the reward is ok in my opinion.
The Up-Smash is one of TLs good moves which can be used sometimes against shield, but if your opponent can powershield it, its punishable. So dont use it very often. Another good Combo Starter is uptilt which comes out in frame 8 and combos into itself. The problem with this move is to land it, which is also very easy to punish and very predictable, but the reward is good, if you can make it. Uptilt leads also in Uptilt > Uair, which can set the deal.
Fair is a good killmove and does only work, if you hit a projectile otherwise this move wont hit, except you have a good read, the same goes to upair. You cant do that moves just for the lolz without getting punished.
Third Recovery is bad:
TLs recovery is horrible like in Brawl. You can easily punish him for getting back, so its impossible to get back on stage if your are good enough. His Up-B doesnt have any prio to get through attacks, it will always get beaten by any attacks. Zair Recovery is longer now, but that means he will need more time to get onto the edge as well and this will get easily punished.
Conclusion:
He is not that bad, but he isnt that overrated. The problem is, that the most people doesnt know how to play against TL, so its easy for TL to get the opponent nervous and lead him into bad options, which gets punished. IF you stay calm and wait a bit for the gaps, you can punish him easily. Just make a good use of your shield and TL will feel helpless, after some time. Also the playstyle will exhaust the player by time, so wait a bit.
His killoptions are ok, but his combo potential and the way he rack up damage is really bad. Bomb to arrow to boomerang = 12% which you get with aerials from your opponent. So you have a lot to work for some procent, which any other character can do with 1 hit, if you play safe. If you play aggressive you can make a lot of damage, but thats not area where TL is shining, some mixup can rack up the damage a lot faster but can also lead to lose really early, if the opponent find the gaps quick.
Thats the opinion of a TL player, which play him since release.
I hope I could gave you an insight in TLs Game. He is ok, but no design fail. Maybe you should play him a bit to get a feel how difficult he is to play good all the time.