A couple things. The magnet does prevent us from camping him out right, and he can cancel it in our face should he see us starting up a phantasm for us to run right into the attack. So all this really does is elimnate far up camping, lasers still play a good part of hitting lucas has the lag on the magnet can still be punished.
Like anyone else, we can CG lucas, but we have to be frame perfect on the dash or else he will get out, I'm not sure if we can BPG him though. Since Falco is so short to the ground when holding Lucas I do not think we can Air Release Lucas often to take advantage of the lag, even if we could, Boost Smash would probably be the only thing we have.
Lucas's smashes are pretty good. Dsmash hits 3 times with the 3rd being the more powerful of all the hits, iirc. Fsmash can reflect projectiles which spending a move to reflect a laser is pretty pointless. Upsmash has insane Star KO potiential. You do not want to get hit by the strong hit of that attack at high percents. The good thing is that it comes with really bad ending lag, so punish it always.
His PK1 is evil to our recovery, there really isn't anything we can do against it offstage except to just mix up recovery times, even if it means phantasming really high onto the stage, but I would recommend the 3/4 cancelled, further distance if you do that. Remember to reflect the PK fire should you see it, it gives decent knockback.
Lucas has decent recovery himself, as long as he doesn't mess up the PK2 himself it is fairly difficult to punish far offstage, but closer offstage run off and spike him or just Bair him. He does have the Zap Jump which gives him insane height and it combined with the magnet thing (not sure what it is called that makes propel himselfin the air) can give good horizontal and vertical recovery.
His aerials can combine well into ground attacks, Dair into Utilt is one I've seen, a more common one is the Nair.
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My opinion on the match up is 60-40 Falco. Lucas is a solid character and will give problems to the inexperienced, but after that, he just doesn't have much that really messes falco up seriously. Our laser game still shut down ground approaches fairly well.