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That's super usefulJumping out of shine still goes through jumpsquat frames, so you can do anything out of shine that you can do out of jumpsquat, namely grab, wavedash, or if you were fast enough, up smash.
Not exactly because Mewtwo has a grab that slightly goes behind him so some crossups that you would do against Marth (because fade away aerials are suicide against that grab range) won't work against Mewtwo.One more thing: I just realized that Mewtwo's grab comes out at the exact same speed as Marth's (grab hitbox active on frames 7-8) so anything that works in shield pressure against Marth should work on shield pressure against Mewtwo.
For example, if a wellspaced dair into doubleshine prevents Marth from shield grabbing Falco, it'll do the same to Mewtwo (although it's possible that subtle spacing differences might be necessary, but that's way above my head).
The good news is that the Marth / Falco matchup has been meticulously studied in the past, as have shield pressure / frame advantage, things like that. So going and reading about the Falco / Marth matchup in the Melee forums will actually help your Project M matchup against Mewtwo.