G^W is ok, he could be useful vs slower/linear approaching characters due to Bacon. Design wise there are a few things I would overhaul, but you'd basically be significantly altering how the character feels. Like better moves for comboing or trading some of the linger for quicker/safer options. He's semi playable if you avoid his nightmare MU's, you won't find much in his favor (if at all) in the upper half of the game unfortunately.
Tier list wise I'd only do the top 12-16 or so, the rest of the cast is much harder to place accurately at that point. Even if it's not specifically ordered, there's a pretty good idea of who's up there and who's not.
(Not ordered, just listed)
Fox
Sheik
Peach
Falco
Marth
Wario
Sonic
Pit
Wolf
Mario
DK
Bowser
Those 12 probably have the best tournament results, MU spread, and potential. Sans maybe Bowser, who I personally think would drop over time over getting grabbed and launched more.