I've been following this for some time, and I just want to make some notes for Rachel, since she's far and away my favorite character in Blazblue (and for obvious reasons, really want to see something awesome with her).
I remember hearing somewhere that Toad can't be texture hacked, yet at least. I presume this is still true, but whenever it does, it should be pretty easy to fake a Gii. I don't know if her umbrella can be or not either, I imagine by the different color that it can...think you can make it look like Nago's umbrella form? I know you're not really paying much attention to looks right now, still working on the more complicated moveset dynamics, but just something to keep in mind.
My two fighting games of choice are Brawl and Blazblue, and I've already made "movesets" for something like this. Rather or not some of these are feasible, I'm not sure. For example, I see you've already gotten a decent idea with the Silpheed; can that affect items, too? I like the Gooey Bomb serving as the Tiny Lobelia, but do you think it's possible to shoot it automatically, with wind affecting it in some way? C4 would work to make Sword Iris fit, but I think you should go more for look as opposed to authentic affect, at least until the tools allow for it. Waddle Doo definitely works for George XIII and a PK Thunder shot for Impish Gypsophila (the pumpkin), but obviously, the current tools don't allow.
I do have a Final Smash idea, though. I assume her Up Smash "lightning" can spawn elsewhere, right? My suggestion is to make a wave of them, going from Rachel onwards the way she's facing, similar to Unlimited Rachel's Sword Iris. Doesn't require Tiny Lobelia rods, and it just goes 4 bolts in a straight line. Of course, for a Final Smash, this would probably spawn the entire end of the stage in her direction. On that note, can the Up Smash "lightning" be manipulated to strike particular items, too? In this case, spawned Gooey Bombs. I'm pretty sure this is stretching it, but it sounds good on paper.
If anyone working on a Blazblue character wants moveset ideas, rather for completion or balance, refining, whatever, I'll be happy to help. I check this thread every other day or so. I'll try to keep in mind system limitations...I have no experience with moveset editing, barely having played around with texture editing. So I'm a little new to it, needless to say.