Listen to Scotu, he definetly has the right idea.
I've played with some of the big timers, and have gotten alot of helpful tips.
I can tell you, with confidence, that Falco should NOT be played like Fox. Fox should be smart, using his variety of approaches and set ups to his advantage. When it comes to Falco, I believe there is a bit more room to pull out a Rambo. You know? Just be a little reckless, because he has the lasers to cover his approaches and his retreats.
With Fox: Lasers, reverse and forward SHed, should be used (as clearly stated in CunningKitsunes guide somewhere) coerce you opponent to make a hasty attack. The annoying ticking of damage does that for you. You don't approach and laser; thats Falco's thing. Think of it as a long-range baiting tool. You use it to pull them in. Fox is at his best close-up. With his shine to beat shield grabs, and his shine COMBOS to deal vast amounts of damage in seconds...its when he's close to his opponent that Fox really shines. (No pun intended).
With Falco: You're at an advantage up close, just like Fox. The only difference is, Falco isn't only an immediate threat up close; for his lasers stop you dead across stages.
You're best bet with Falco would be to just SHL them. Theres no harm in that. Approach at will, when you see an opening, strike. Either shine, grab, jab, smash...there are so many options. Waveshining is one of Fox's main techniques. Falco, arguably, has much more to offer. His lasers give many more leeways.
Don't ALWAYS go for the waveshine with Falco. Be aggressive and go for the grab sometimes. Try a quick shorthop, double jump FF waveland back to juke your opponent. Don't just run at them and D-air then shine. My main suggestion with Falco is to try for grabs more. Most people don't expect a grab after a Dair...or an SHL. Most opponents I face just block the dair and think I'm going to shine so keep blocking.
Iuno...something try something like that. Hope it helps :S