Dribble and throw your bananas up a lot. This can bait out the laggy reflector and you can punish. Even if you can't punish, the more you do this, the more you are training the Falco to not reflect when you glide toss (meaning you might be able to get in a forward glide toss or two). You can also intentionally let him reflect a banana and then dash attack pick it up while his reflector is headed back in.
For the CG just keep a banana behind you if you can. Do your best not to get shieldgrabbed. Fortunately his CG works on you at low % only, so once you get past that he can't do it any more.
Throws work well on Falco, because they can help you position him where you want him: offstage. If he is offstage, you can edgeguard him or pressure him badly. His phantasm is the preferred method of recovery, so try to see when he's going to use it and interrupt or punish. If he activates his firefox move, you have a good amount of time to run over and interrupt / gimp / edgehog him.
Onstage is where you will have the most trouble with him. Try to get him into the air (above you is best, he can't reflect downward like fox or wolf), you outrange him by a little and you have bananas. Offstage like I said is also good too because despite his "I prefer the air" slogan, against you he won't.
You have to be really careful with the nanas though sometimes. Falco's glide toss is beastly, and his dash attack is fairly good for picking them up. Not to mention the obvious issue of his ability to reflect them fairly far in front of him.
