Yeah, Zairing up close like that is gonna be a whole new thing to most of you and probaby the complete opposite to what you normally see Link doing, but I see it as an area that has not been developed yet, using Zair to combo into things. Trust me, as punishable as it looks, you should only be using it when you know it'll hit anyway. As I've said before, Toon's do this sort of thing all the time. It's not impossible to pull off in a real match.
Now for some test results.
I tested the Zair to SH Bomb D-throw to footstool (which would then go to a Jab lock from there the usual way, but I didn't need to test anything after the footstool because it would not be affected at all) on every character and it is quite hard! The good thing about this one compared to the Zair to D-tilt one is that with the D-tilt one, it requires a bit of luck really, I mean you need to get it perfectly spaced and timed, but with this one, it relies entirely on practise and tech skill. So what I'm saying is, if you are good enough, there is no reason why you shouldn't be landing this very consistently. But darn it is hard! Especially on a few characters. So I'll give you the list of characters and stuff and I'll let you know which matchups you'd want to be practising it for and which ones you shouldn't bother with.
Before I do so, I'll let you know how I've been performing it.
How to Perform: Pull out a Bomb, SH towards your opponent (continue drifting towards your opponent until you get the footstool), Airdodge, Zair up close to the opponent and close enough to the ground in order to cancel the Zair early (the same Zair as the Zair to D-tilt), (continue holding towards them), as soon as you land SH towards them and throw the Bomb Down asap (be careful not to Jump cancel throw the Bomb at your feet, you may need to learn the timing), hold towards them and Footstool them as they get blown upwards by the Bomb (then Nair, Fast fall the Nair, Jab Lock). If you can manage it, I would advise that you use the C-stick to throw the Bomb Down as it allows you to hold towards the opponent the entire time. This works on low to medium percents, if the percents get too high, they will either be hit too far away by the Zair to get the Bomb to hit or they will be hit too far by the Bomb to get the footstool to connect. Obviously, exact percents will vary with each character.
Ok, so it is possible for it to work on everyone, but some characters are so hard that I wouldn't bother if I was you.
When it says Normal and Easy, these may be roughly the same amount of difficulty only I tested them at different times which could have affected things (for example I could have been pissed off at Olimar for being such a jerk, that the other characters after him could have had an unfair trial so to speak XD). So all I'm saying is, these are rough estimates on the difficulties of each character.
Mario: Normal.
Luigi: Normal.
Peach: Hard. She can be hard to hit with the bomb because of the way she gets hit and she's so floaty.
Bowser: Hard. His body gets in the way and if you space it so it doesn't, it can be hard to get the footstool.
Donkey Kong: Hard. His body gets in the way and if you space it so it doesn't, it can be hard to get the footstool.
Diddy Kong: Normal.
Yoshi: Hard.
Wario: Normal.
Link: Normal.
Zelda: Normal.
Sheik: Easy.
Ganondorf: Easy.
Toon: Easy.
Samus: Normal, but you have to Full hop Bomb Down Throw.
ZSS: Hard. She just seems to get hit further away than the others.
Pit: Hard. Same reason as ZSS.
IC's: Normal.
ROB: Easy.
Kirby: Easy.
Meta Knight: Easy.
D3: Hard. He's fat. Same reason as Bowser and DK.
Olimar: Very hard. Ok this is one of the 2 characters that made me rage! It's so stupidly hard to get it to work for some reason. So for him, I say, Forget it!
Fox: Normal.
Falco: Normal.
Wolf: Normal.
Captain Falcon: Normal.
Pikachu: Normal.
Ivysaur: Normal.
Charizard: Normal.
Squirtle: Normal.
Lucario: Very Hard. This is the second of the 2 characters that I raged at. It's stupid hard to get it to work so the chances of you pulling it off in a real game are not worth it. So for Lucario, take my advise, Forget it!
Jiggly Puff: Hard.
Marth: Normal.
Ike: Normal.
Ness: Hard.
Lucas: Normal.
Mr. G@W: Normal.
Snake: Normal.
Sonic: Normal.
Again, I cannot stress that this will take some practise as it is quite hard at first.