I also have a moveset idea for him that could work, that's completely different from yours, as it doesn't use masks. Not asking for you to put it in the post or anything but just putting this out there:
Neutral B: Ice arrows, since Toon Link already has Fire Arrows as a custom. Ice arrows freeze opponents at substantial percentages. The higher the percentage, the less it has to be charged to freeze. At full charge it always freezes, even at 0%
Side B: Deku Stick, since MM Link lacks a boomerang. It would break when it hits, but would do a great amount of damage, and could take a nasty chunk off a shield. When the stick breaks, it gets a cooldown like Robin's specials.
Up B: Spin attack, but this one's different. The more it's charged, the bigger its range is. And it can be charged in midair, to give you a higher boost similar to Diddy's Up B, but of course, like the other spin attacks it doesn't give you lift from the ground.
Down B: Instead of Bombs, he gets Bomchu. Now, Bombchu already exist as an item, but these Bombchu would be slightly weaker than the actual item, like how the other Links' bombs are far weaker than any of the other item bombs.
Final Smash would be the same as you have it though
Taunts:
Up: Plays a short Ocarina tune, like how Toon Link uses the Wind Waker
Side: Puts on and takes off a mask, like Lucina, but it's a different random mask every time.
Down: Milk drink