Technically, it's two codes, one of which the brawl+ project already wants (the hitlag modifier).
While we're on the subject of hitlag, I'd like to note that there may be multiple types of hitlag in the game (see: marth's fsmash, falcon's knee, zelda's toe, ike's fsmash, and most jabs in the game; all act differently when they connect). Marth's fsmash causes you to move forward and back a few times before launching you (I'm not sure if you can smash DI during this time, but probably not), either falcon's knee or zelda's toe cannot be smash DI'd (don't remember which) while the other can, ike's fsmash I believe acts like a normal hit, and then it is also possible that the game makes a distinction on hitlag for weak hits, as well (the jabs, such as falco's or sheik's). So looking at attacks like marth's fsmash leads me to believe that there may be an additional state besides just regular hitlag that is applied to some moves. Obviously we would want to completely remove this state, as well, if it is separate.
As for removing the hit queue, that's all that needs to be done for that. There is no worry about the opponent flying away mid-attack as we can just set the damage ratio to zero using the damage ratio code.
I really just posted this to get my thoughts down, as we'll need to actually contact a hacker later to get this done. I think only one hacker actually checks this thread, and I'm not sure how he would fell about doing this.
@zxeon: that video has nothing to do with this lol