invincible ledgedashes are certainly useful; how does it compared to ledgejump waveland though? If it offers useful invincibility to a greater extent to the ledgehop method, then it's certainly desirable.
The benefit of ledgehop waveland though is that it's far more consistent due to lower amount of inputs.
For those unaware: the ledgehop can be acted out of on its first airborne frame (which varies between characters, so I'm not sure on G&W's). This means that you can airdodge on the first available frame into the stage and waveland, carrying your ledge invincibility with you. This is really useful for Snake given that it's his only way to carry invincibility onto the stage, but he only gets two active frames from it (which is still enough to shield and to dodge attacks—12 frames (10 from the waveland) is a lot of freedom.
It basically goes like this:
1. c-stick up buffers ledgejump.
2. 11~15 frames (a guess at the ranges) later, the character becomes airborne.
3. airdodge down or diagonally into the stage to waveland.
4. Airdodging back is the only conceivable way to SD in this method.
Advantages of course are:
1. 100% success as acting on the FAF after the ledgegrab
2. Less chance of a suicide due to poor timing
3. Potentially, greater invincibility
4. For some characters, this also allows for Aerial Interrupts on side platforms (Snake and Samus confirmed)
I'd test this immediately if I didn't have class in the next hour.