TL is a spammy mother****er. LDPK covered most of the basics, but it's important to emphasize that you NEED to stay mid-range vs. TL, or he'll outcamp you. Running away doesn't work (unless you need to plank to replenish your shield or something)..... you have to keep the pressure on him. Giving him space just gives him more freedom to camp, and you'll have to work through it all over again. He's a momentum based character like Diddy. When TL is on, he's on, but it's hard for him to regain his camp if you're in his face or have forced him to the ledge/into a corner..... he doesn't have many options to actively get past you without leaving himself open at some point.
Bomb pulls are easily punishable with uair; bair and zair autocancel, so good luck with that if he's retreating, although you can punish a poorly spaced zair OOS (at least in my experience.... apparently frame data tells a different story). Overall, I'd suggest staying on the ground and countering his air game rather than straight up trying to go in the air vs. him.
TL's ledge and recovery options are predictable. Take advantage of that.
If he tries to get you into a bair > bair > bair combo, DI away. You'll probably still get hit with at least two, but it's better than getting 60% from bairs alone.
His zair sets you up for a lot on hit (grab, fair, usmash.... probably more), so try not to get hit with it. It's pretty easy to see coming since most toons will do jump > airdodge away > zair..... so as soon as you see the airdodge, expect a zair.
Killing-wise, I think we have the slightest upper hand. All TL really has are usmash and uair, although a fresh fair will kill, and he has a spike with dair (although it'll kill him if he misses). Utilt kills too at higher percentages. Usmash is what they tend to go for the most -- that or a setup into uair with a bomb. Both are easily avoidable, but between all his projectiles + zair, you have to be careful where you DI.
Don't try to punish his usmash. You'll probably run straight into another move..... it has surprisingly little cooldown.
If TL is above you, expect a bomb pull; if you go to chase him, expect that he'll z drop the bomb to cover himself. Sometimes he'll dair after that (which will hit if you got hit by the bomb).... other times he'll bair/nair as he lands to keep you from punishing his landing.
Recently I learned that our bair beats his arrows and boomerang..... it literally eats them. Dunno how useful it is in practice, but it could be.... need to play around with that more. (Our other aerials might work too.)
I usually try to kill TL vertically with usmash or utilt > thunder. Nair and fsmash don't seem as effective..... he can stop his momentum really well horizontally.
Stage-wise, I'd say just go where you're most comfortable. Low ceilings benefit us, but they also benefit TL since both characters will be going for the vertical killer. This is one of the few MUs where I kinda like Lylat..... Frigate works pretty well too. Many people will say don't go to FD, but I don't think it's that bad..... probably not your best option, though.
Ratio is 50:50 imo or slightly in TL's favor.