From what I see:
People who play non-MK characters that have strong edge games are arguing against LGLs for their characters (Chibo, Delta). Bias.
People who have had bad experiences with MK's time-out abilities are arguing for severe limits on planking/scrooging or a complete ban of the character (Inui). Bias.
I'm not biased towards MK's timeout garbage at all. I've only once ever abused it (I was misinformed about the legality of that stuff at the tournament) and only three tournament matches I've ever played have gone to time. I do main Meta Knight and have put significantly more work into him than any other character. I am also anti-ban. That aside, this is what I think should happen, take it as you will:
40, 50, 35, whatever--way too high of a LGL. M2K and ksizzle timed out Shadow and Dekar (respectively) with 12 grabs a piece. Yes! is right here, 20 is the absolute highest that should be considered. You can't grab the **** ledge 20 times unless you're TRYING to. This limits planking and also encourages MK to recover to the stage rather than the edge.
As for how it affects ROB, Pit, GW, Yoshi--well, I don't know what to say. Part of me wants to say that bad characters should stick to being bad. All of those characters are ****ed against MK (and other characters) whether they're on the edge or not, and camping there only prolongs the inevitable. Another part of me thinks that they could have an increased amount of grabs (20 for MK, 40 for others), but that only limits one character in particular.
That situation is kind of a mess. Regardless, MK's planking needs to go, and there is actually evidence behind this. The best compromise I can think of is a universal LGL, but a stricter one on MK (though we already know the logical fallacy with this). It's clear that other characters can abuse the ledge as well, whereas some won't even have to worry about grabbing it 10 times in a set.
People are worrying WAY too much about scrooging. First of all, it's impossible to enforce in a written ruleset, lol. Like someone mentioned, you can just briefly land on the stage with one of MK's awesome recovery or edge options and fly under again to kill some time. Second of all, it...really isn't broken. The only stage I see it being an extreme problem on is Smashville due to the floating platform. Flying under the stage once only burns about 2-5 seconds. Calm the **** down, ****.
Third, it doesn't even have results backing its supposed brokenness up. What notable matches have actually been won due to scrooging? We have M2K vs. Gnes and what else, maybe a match of Orion vs. Inui? It hasn't proven itself to be a problem at this point. Characters can also still hit MK while he glides underneath the stage anyway. Falco can run off and laser, Pit can shoot arrows, Snake can throw grenades, ROB can laser him, etc. If your character can't hit him, well, that just means that MK is capable of avoiding your character's moves.
Until scrooging proves to be a legitimate issue and has the results backing it up, I disagree with making it a concern. For now, calling a judge over and leaving it to his/her discretion is the best solution.
Atlantic North stagelist is fine, perhaps remove Rainbow Cruise to avoid MK putting his opponents in an auto-loss situation every time he counterpicks. I don't mind the idea of Pictochat in theory, but I hate the stage itself. This game really did not make great stages. Perhaps adding Pictochat and increasing stage bans to two?