Using the Reflector to stall? I assume you mean slow the fall once you get hit, right? It won't work with Wolf because his Reflector doesn't slow his fall. The thing about the spike being hard to pull off because of Wolf's gravity is good to know, though.
Um...Another thing about the chaingrab...Do NOT mash the jump button to try to get out of it. I've lost my jump/jumped straight into the Dair spike that way before, so don't do it. Spotdodging is a better option while onstage, and Reflector/DI offstage.
Does anyone know how soon you can react after getting hit with the spike? I haven't played in about a week, but I was thinking that using your double jump, you could jump backwards then Firewolf onto the stage diagonally to avoid edgehogging and get directly onto the stage. Of course, a Falco with good timing might still be able to pull off another spike, but it'd be useful thing to try and see if it's worth using once spiked.
Thanks for the video JFizzle. It's useful. Bair isn't as safe as I believed it was, but it's still useful.
A better question for the Falco mainers (at least, better than asking them how to escape their spike >_>) would be what sorts of things make it difficult to face a Wolf or hard to get a grab off on them? What things make Wolf still dangerous against you at low percentages, even with the danger of the chaingrab?