I want to expand a bit on this topic, if that's alright. I picked up Peach recently and am working on the execution of this tech. My concern falls mostly with the 'why' rather than 'how'. Can someone please summarize the significance of this movement style, or point me in the direction of an explanation?
JCFF mimics a tech in melee where Peach can perform Fast Fall Float Canceled aerials, giving her more frame advantage on hit to a shield and tightens up her combo windows. Although Peach in Smash Wii U cannot cancel her aerial landing lag by landing an aerial during a float, landing earlier via the soonest executable fast fall frame on your aerials still gives you a similar frame advantage as a natural fast faller like Fox (think landing Dair to Up Smash). In addition to all of that, being able to transition from air to ground quickly gives Peach an additional movement mixup option that ends up being a lot faster than her normal tomahawk (try SH FF, then a JCFF and you'll see the difference.) Now that I think about it, it mimics Double Jump Cancelling from melee as well.
As for the window, I've been grinding it out and I would put the leniency window at 4 frames. If you think about the down press being both valid for activating float AND buffering a fast fall, you gotta take into account the fast fall input window which is 4 frames. If you play Bayo at all, it's the same window for her triple jump tech.
You can perform variants of this by also fast falling at any point after releasing float and pressing down twice while jumping (releasing jump before the second press). The variants don't have the same windows, as they're really just "fast fall after releasing a float anytime" commands and don't abuse the window for clearing one input for two different actions.
Hope this helps
PS: My source for the fast fall input window comes from this spreadsheet under the tab with universal fighter parameters. Dunno who made this doc, but Kudos! There's knowledge abound in this thing:
https://docs.google.com/spreadsheet...22nz5baU1xihT5lreNinY5nNQ/edit#gid=1980011823