No thanks to Dead Man's Volley. If it isn't properly reflectable by any kind of weaponary attack in general, what's the point? Go full canon or don't bother(especially with how hypocritical it'd be to ignore canon with this move, but Ganondorf being non-canon is suddenly okay if it's just one iconic move, that's not even a legitimate signature move to him?). Warlock Punch actually is usable now, unlike before, due to quite a lot of armor.
Now what needs to outright go is his Up Tilt. That's completely unusable, and doesn't even work in his moveset. All his other moves flow just fine, and have their own unique uses. And Dark Dive really could be changed out for Dark Fists. That actually feels right, though less useful since you can't combo with it. I could go either way on that. Keeping in mind I've gotten a massive amount of KO's easily with Warlock Punch, and that's without Super Armor(plus, it is based upon something he actually did in the games. Wizard's Foot barely is, and the Up Tilt isn't).
As for Falcondorf, just wait for another possible Ganondorf variation or "styles" as an option. You should never get rid of the old moveset. It serves no purpose other than pissing off fans just for the sake of it. It's one thing to throw a slightly different one on another character for a past moveset(effectively that's what Dr. Mario is for Mario, but he also already played that way so it doesn't alienate fans). Overall, I'm glad Sakurai is sticking with this philosophy. I wouldn't even bother playing Ganondorf if he wasn't who he was from the start of Smash. Sure, I'd have likely used him if he wasn't a Falcon clone, but the way he generally plays is massively enjoyable to me.
Also, no, not everybody needs to be competitively viable. That's not how fighting games work. It appeals to all kinds of players. They just need to have a flowing enough moveset to be easy to use. Fun is subjective, but he hit him with each character overall. The ones who got changes to be better were either joke characters or weren't even worth using in casual play(Ganondorf is just fine in casuals in each game).
To further go into DMV, the move was actually Agnahim's from the start(so was the lightning ball). What Ganondorf in OOT did was reuse Agnahim's moves to reeneact a cool boss fight, but in 3D. In addition, what was actually unique to him was his ground punch(which Warlock Punch represents, though Wizard's Foot partially does too for the animations), and that's really it at that point. Otherwise, one of his promotional images is his fist-fighting with Link via an overhead punch, which is his Forward Aerial. So he was pretty much, from the start, intended to be mostly about power with some projectiles. But he still is clearly a magic user in Smash(Smash however lists Darkness instead, due to "Magic" being its own unique element for purposes of special items that give buffs. Which is silly, but that's how it does it. Magic in general focuses on some kind of specific school or element. Generic magic really never existed as is).
The Lighting Ball wouldn't be bad, as it at least is something he uses more than once, though not that often. In OOT and TP. To even more elaborate on what's silly about DMV is that not only did the move not have a legitimate name till the DS games, it also is thrown onto tons of bosses. It's very iconic, yes, but also to Agnahim and Phantom Ganon. In addition, a list of some of users are Agnahim(the original), Nightmare/Shadow Agnahim, Phantom Ganon, Ganondorf, Phantom Ganon(again), Twinrova, a Blue Stalfos, Cubus Sisters, and I forget if it was Yuga or Yuga Ganon for the last one. Though to be fair, Yuga is a otherworld counterpart of Ganondorf, however, Agnahim is supposed to be a form of Ganon(it's unclear if he's possesed or his human form at the time of the actual game. Though with Ganondorf an actual thing now, it's most likely a poesession. The Manga/Comics vary on it too, incidentally), so for the most part, the move has a lot of ties to Ganon or people under him. Except now a literal generic enemy starts using it... which is the point it lost all meaning as being a core boss move to any particular character. It's best to think of it as "a cool boss move in Zelda to use" at that point. Since that's its purpose. Who knows what name it would've had in Brawl at that point if it was given to Ganondorf(though frankly only Toon Ganondorf would've used it. TP Ganondorf definitely does not have it, nor is it ever once used in the game. The lighting ball is, which imo, fits Ganondorf better in Smash, since it is a lot easier to represent properly).
Lastly, I've seen that Legacy moveset. I was impressed by the work itself, but it didn't look very enjoyable to me. It didn't flow whatsoever and just looked like it was trying too hard to throw in canon moves without taking into account how to make a moveset work. It's cool, no doubt. But cool doesn't make the character actually work. It's why when I work on movesets nowadays, I focus on an actual theme and point to them. "Canon" is not a strong thing to work in itself. It only is a small piece and is at best good for animations/references to think on. Smash is not designed to be really about canon, otherwise you couldn't fill out a single proper moveset in Smash 64. Mr. Game & Watch is the first and only charactr to actually be nothing but straight canon moves(well, canon is kind of awkward to say for him, since there is no "Mr." specifically. That's specific to Smash in itself, but you get the idea). No other character can actually pull it off. The only other one who came close was Mario, and it wasn't all that close. He has a fair amount of moves from his games, but many had to be thrown in(practically all his aerials, his dash attack, even his taunt isn't really from the games directly. Though almost no taunts are, so that's forgiveable. Note that the taunt is a light reference to Big Mario, but he's already Big. The idea of growing huge didn't even come up till after Smash anyway. Mario Party used that in the GameCube days, so, it's kind of a unique one?). Generally, the special moves were usually the only thing based around canon, though some were references instead(Fox's Reflector and Fire Fox are loosely based upon his ship. The Laser is a much more clean reference. On foot, he actually doesn't use a Laser gun anyway, so... it's still odd in a way).
I could go on, but Smash just doesn't work trying too hard to focus on canon for most characters. The exceptions are super few, and only because they were able to create a good flowing moveset.
I did forget to mention the sword. The only reason it kind of works is he was going to be thrown a non-canon sword in Smash in Melee by design anyway. It feels awkward in Ultimate and while nice, it at least fits his gameplay style correctly. Despite the awkwardness, it flows right in the end. This is overall why I still can have fun playing as him. He's a little difficult to adjust to, but he still feels like he was since the beginning. Though I'll again note I doubt I would've actually mained him if he wasn't a slow massive power user. That's overall what made him feel like Ganondorf to me. The guy with the Triforce of Power. The strongest man in Hyrule. The king of evil. He overall feels just like that in Smash, and has since Melee. Brawl admittedly only made him feel even more murderous and the right personality.