Wario is moving up in the world, he really is. I think this is 50/50 (possibly 55/45 Wario's favor). I played a decent amount of friendlies with Fiction, and we discussed the matchup a little.
Game and Watch's aerials are so committed, and his aerial movement is subpar compared to Wario's, that Wario doesn't have too much trouble weaving in and out and landing a down air. (or many other options)
Wario owns gdubs on the ground. Grab, shnair oos, shdair oos, ftilt, jab, jab->grab, bite... Gdubs can space dtilts and occasionally get in a grab or a jab-> grab, but gdubs doesn't want to fight wario on the ground most the time.
Gdub's nair is his best tool in this match, get below wario and nair wisely. But again, you need to be careful, a good wario can just space and wiggle around, and punish afterwards with a dair (or whatever). It's very frustrating trying to land aerials against a good wario.
As mentioned earlier, gdub's bair is a double edged sword. It's good because it outranges everything wario has to offer and out prioritizes, but the wario can sdi out usually and waft/uair/whatever :/.
Wario can punish gdubs landing lag as well with grabs or aerials because he's so mobile. And Wario probably will be shield grabbing a fair amount in this match.
As far as kill moves... Wario's waft is great. His fsmash can be good to punish landing lag, or punishing gdubs smashes/dtilt/dair if he power shields. (Don't think you need a ps for dair though) or even super armor through the turtle. Uair is a great damaging tool in this matchup, but it can still kill light-*** gdubs.
It's a pain landing kill moves on wario. Releasing usmashes is good because the hit box covers most of wario's approaches, and isn't very punishable. Unfortunately, good wario's will just avoid these. If you PS wario's fsmash, you get a free fsmash... If you ps his usmash you get a free dsmash. Tech chasing sometimes yields a smash, but other than, it is difficult to land a smash on a careful wario. Fair doesn't kill until much too high of percents, especially because it's likely stale by the time you need it, and when Wario becomes wary of your fair, it's also very hard to land.
Edgeguarding... Gdubs can fair/dair wario off his bike, or just fair wario to go for a kill. However, wario's are slippery, and it's much easier said then done. Wario can toss out an occasional fair to nudge gdubs, but his strength is the waft. If he predicts an airdodge, that's a dead gdubs at like 60%
![Frown :( :(](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
. (Maybe lower?)
So, in conclusion, if the two players arn't amazing, or don't know the matchup, gdubs will probably **** wario. However, amazing warios don't take **** from gdubs. Yeah, I think 55/45 wario.
A2: Wario's don't die at 110 to a fresh fair. Unless, it's near a blastzone... Also a fresh key won't kill wario offstage at 110 either. Your jab can't save you from being shieldgrabbed (which will be frequent in this matchup). And it isn't easy to read good warios.