Well, I must say, (And I don't say this about everyone) that Mario has a lot of skill, he really knows how to work a combo. Furthermore, you Link is fairly well built. You should use the spin attack more frequently though, for a couple of reasons,
-It can hit your opponent even when he rolls around you
-The tip of the attack spikes
-Fairly decent amount of damage is dealt normally.
Your use of the wavedash could use a little work, mainly on the basisi of using it to link combos together with the bombs and projectiles, I also noticed one thing, you tried to grab a fair amount of times. See, the problem with Link's grab, is when used on a low-damage opponent, is utterly useless most of the time. Try to stary from grapping him frequently, he seems to have the wavedash down really well. You're very familiar with how to use the bombs, but in the future, always short hop and draw a bomb. It shortens the lag down by 1.5 seconds (That might not seem like a difference at all, but when you're in the middle of conflict, especially with a fast opponent, it can make a huge difference).
If you are in need of any more help or advice dealing with playing Link, I'm always floating around these Link boards.
~Lightshade