It's entirely possible to have a melee-based Pit when closed in, but it's somewhat stupid to not take advantage of the Angel Ring and Arrows when farther away, allowing you to just tack on extra damage from a safe distance. I kind of see it like Falco in Melee with his blaster, using them from a distance to set up attacks and keep the enemy at bay, then swooping in once they close in to combo and finish them off.
Remember, Pit himself is very fast and light, which allows him to dish out tons of damage and kill efficiently at high percents, using his arrows from afar to tack on extra damage whenever he can't reach the opponent safely. That's how I think of him and use him when I do use him.