^^ Velox, At 120% you should be able to just uthrow uair Falco and edgehog for the kill. Uthrow Fsmash obviously is fine around 85-100 I think, as long as they don't DI away. Uthrow dtilt knee around 70. Dthrow him near the edge and land a knee if he goes over, or chase his tech with a side-B from the edge to cover all the options and then knee works great too.
Fighting Falco is a game of control. Falco ***** you with combos, but in close you can **** him just as hard and gimp his crappy recovery with low % knees at 50% and up, so Falco is looking to spam his nice safe approaches and just win through Falcogay. When Falco is spamming lasers, he is in control, and he puts the impetus on you to do something about it and you'll probably make a punishable mistake in the process because Falcon is very prone to that sort of thing.
So yeah, F that, don't play that game. If there's laser spam, just go up to a platform and wait it out (ban FD please). If he goes up to spam on the platform, drop down and make your approach, and you're back in control. Once you're in on Falco **** up his taco bell. Your best SHFFLs, slick dashdances, Nair, Dair, and Bair, all over him until you can make him tech or spot a grab, and then proceed with the ****. This is where the mindgames come in, you gotta see how the Falco reacts to your pressure (lots of Falcos try things like Jab->retreating lasers, quick shines when you get too close, and trying to beat you out with fsmash, utilt, dair bair and nair), and mindgame it to get your stomp or grab in.
If Falco is laser approaching, work on your out of shield game and try to stuff him as he approaches with an Nair. If he mindgames that you can escape with rolls. The key is to get out before he starts pillaring.
To escape the pillar, after the first shine, you can usually jump out of your shield and eat the Dair, and tech it, but you gotta be quick, and make sure to DI out of shinecombos and all that. If Falco is chasing you with a dair and is hanging out in the air for awhile to make it combo better, try to beat it with a Uair (C-stick it), but don't expect any miracles.
Most important: Pay attention to who is controlling the match! If you're not in control, you need to BACK OFF and relieve the pressure.
Otherwise you're just gonna eat a forward smash to the face throwing out some stupid knee or something.