After getting some more time with Hero and watching Evo to compare current highest levels of play, I think that Hero will settle around high tier in tournaments. I still feel that he has top tier potential, but the amount of optimizations you need to make to realize all of that are pretty absurd.
What he does have that is easy to quantify:
-Level 1 and 2 frizz spells remain usable against those who attempt rushdown. You may store level 2 frizz quickly.
-Level 3 frizz charges very quickly compared to other similar moves, and releases on frame 16. That is very nice.
-All 3 levels of zap are great. Level 1 has good range and is safe. Level 2 deals a lot of damage and is safe at mid-range. Level 3 deals extreme damage with super armor and covers the main weakness of approaching a whiffed level 2. Many, many applications.
-Hero's movement speed is underrated. His ground speed is quite decent at around Wii Fit tier. His air speed, while sluggish, is usable enough to move around some. Hero will want to rely on grounded movement with the occasional aerial and fade-back zap/zapple.
-Aerials are usable at base. I thought bair was awful, but I learned that it does demand some respect since it sweeps from below to well above the character. I think this way since although I still believe bair is a weak link, it can be replaced with zap when necessary. Frame 8 nair can replace uair for diagonal angles. Uair is.. ok against opponents directly above him, though admittedly non-threatening (bair is the threatening move above him). Dair, while having bad landing lag, has a sourspot and decent autocancel frames.
-Oomph is really easy to get, which supplements all of his physical attacks including zap. This is when many of Hero's attacks begin to get some safety.
-He has situational kill confirms from landing uair, landing dair, acceleratle, etc, but I feel that he has a plethora of options to cover tech chase scenarios. This also applies to ledge traps (kazap) and edgeguards (zapple, acceleratle, oomph, swoosh/kashwoosh, attack spells).
-Dtilt, ftilt1 (not 2), utilt are all solid. Usmash is good for gaining mana against those on platforms.
With that said, there are a lot of things that Hero will need to learn how to get around:
-Disadvantage is rough. While dair has a sourpspot, diagonally below him is awful to cover compared to even Ike, who can fall back on larger aerials with less landing lag. However, I think Hero will still be able to use woosh as an occasional second double jump, and swoosh since the tornado descends for a time. Hero will then need to drift towards the nearest platform or offstage. Not the best, but I think it will at least prevent some extended juggles.
-Same with disadvantage, recovering will take a while to optimize. We just learned how zoom %s work offstage. With that, Hero can cover himself with frizz spells, zap spells, recover high with a quick woosh, and more horizontally with swoosh. If he is in a dangerous spot below the ledge, he can at least adjust the timing of his upB to avoid getting spiked. Woosh is frame 7 and swoosh is around frame 19 after 13 frames of charge and covers more of his body.
-I have been reading that people think woosh is a bad out of shield option. I'm not sure I agree just yet. Not many quick out of shield options are combo starters anyways. Woosh hits on frame 7 with more range than his jab on both sides, dealing around 8 damage. With the ability to maneuver in the air, I consider that respectable. Most safe aerials are around -3 to -6, so any high or ~11-12 landing lag aerial will be consistently punished. The utility is that is covers both sides.
-Fighting around shield. Shield covers nearly all spells when used, though the key is to remain safe when using them. Zap specifically will be one of the best tools against shield due to its safety vs. range ratio, otherwise I feel that Hero needs a buff to really begin to threaten shields heavily. Just spells aren't enough.
-Fighting around projectiles. This is one of the situations when Hero needs to use the first two levels of frizz more often, and try to space near the max of zapple range. Other than bounce, hero can either stand still/walk or choose to trade projectiles with his own if he is fast enough since his are stronger.
General optimizations include:
-Learning how to use the default shield when standing still and walking. It appears to have a bigger blocking radius than Link's.
-Learning how to use the shield on ftilt 1
-Tech chase, ledge trap, and edgeguard optimizations.
-Learning how to use his normals with and without buffs
-Optimizing spell usage. Yep, it's all the way down here. The best spells appear to be
Magic Burst
Oomph/buffs
Kaboom
Snooze
Whack/Thwack
Sizzle (barely)
-Spells to Avoid
Hocus Pocus
Kaclang
Kamikaze (until high %)
Metal Slash
Hatchet Man (needs to be chosen on purpose/situational)
Fishing for buffs is fairly easy and practical. I think it will take time before Hero players develop their "quick-spell" usage. Since spells do not appear twice in a row, they will get better at optimizing quick-spells at mid-range as long as they avoid Kaclang, Metal Slash, and Kamikaze (low %). Even though they may be punished using buff spells, they apply immediately and are typically worth the payoff.
In addition to this, the most important spells outside of kaboom tend to start with different letters. This will let players snipe spells faster and smarter as the meta progresses.
Nearly all non-slash attack spells have poor vertical coverage. Hero players will need to optimize slash spell usage against opponents coming from above, use spells in the air, or optimize the jump and shield options out of downB.
I think it'll take some time before the best strategies are normalized. Until then, I think he will settle in generic high tier territory(which is absolutely huge in this game) at this rate without a decent amount of high level players switching to him. There is too much of a reliance on buffs to make his normals feel good competitively, where I think he will be forced to play to win in tournament, compared to other top tier characters. A lot of work is necessary for sure.