quit claiming smash has option selects that are worth talking about. you typically want the best option and in most cases that same option select can work against you. the only one that ive been thinking of that may or may not work is trying to option select a grounded attack out of a power shield by using shield stun to keep u locked in your shield.
if u hold down as a practice the real benefit is that you won't have trouble on platforms with aerial shines.. I go to neutral and sometimes dj cuz ive fallen thru the platform and then hit jump. in general its easier aka less steps, but I feel I can Di(lack of a better term) my aerials better.
and asdi down from the air isn't always the best option....gotta think combo vs survival di, so I wouldn't be trying to option select that.
anyway, if u get hit at the time u would have hit l u won't be able to tech for 40 frames. if u light tap so that doesn't effect you then u dont enter your tech cycle so it doesn't matter.