I would say the RF should fall indefinitely but be cancellable after falling something like 2.5x the gained height. Further more, it should go through enemies if activated in the air and go into the ending hit on landing, regardless of whether the move has connected or not.
This would mean that it's not a useful recovery tool unless you have excess height and need to recover sideways but that it won't kill you if you miss the ledge either. It also means that it won't be an inescapable double KO if it connects off stage (unless it's used as a recovery gimp from onstage) and that any potential use as a pseudo-wavedash leaves the player in an attack animation that allows the opponent to punish them. This attack animation would actually be beneficial if the opponent is infront of Lloyd though and especially so if they've been moved into place by an onstage activated RF.
Combine all this with the damaging frames before the actual fall starts and you've got a massive amount of hidden depth within this single move.
Speaking of depth though, is Lloyd's Beast effect currently a projectile? His more official incarnations have had his backhand slam be a powerful attack with a fair amount of stun, shield break and knockback while the actual beast head does a second hit with less damage (though still not a bad amount) and no stun or shield break at all as far as I can tell. I think that having it work this way would add more depth and a potential drawback to the move as, while the projectile doesn't travel far, a perfectly spaced Deflector Shield could hit Lloyd with it (any closer and the first hit stops the shield unless timed perfectly, any further and the effect dissipates before reaching Lloyd). It could even be made chargeable for greater distance, though that's likely more trouble than it's worth.
What's this about Demonic Circle? I don't remember any mention of that before.
Yeah, that's pretty much how I picture Rising Falcon. I just wasn't sure if I wanted to add additional, height-sacrificing recover properties to it like how Falcon Kick restores the Captain's DJ. I'll leave that out then. That might be too strong especially given that there really hasn't been any solid height that Psi Tempest needs to reach to (which, by the way, also needs to be revamped).
The ideas for Beast sound interesting, but I'll focus on just refining its main properties for now. I will consider the fact that higher damage is dealt through the first hit, but it may not be appropriate in an SSB setting.
And like Royal_Blade said, Demonic Circle is DSmash. It's on the layout moveset.
@Ryuu: Demonic Circle is the Down Smash.
And Implementing Lvl.1/2/3 would be over powered. Psi Tempest is lvl.2 So you could possibly go like this:
Attack11>Attack13>Sword Rain>Psi Tempest (Forward/Down)>Rising Falcon
or
Attack11>Attack13>Sword Rain>Psi Tempest (Forward/Down)>Demonic Circle
or even pull off a grab after Psi Tempest to elongate the chain.
Edit: I'm fine with Ryuu's idea for Rising Falcon.
Edit2: GD, could you also make a beta FS for Lloyd. Cause right now he just stands forever in a T-stance. If you could start by basing animations of Divine Justice from ToS2. Which we could later include the eternal sword once its ready.
Yeah, it kind of would be if it was possible to implement it. You'd be able to combo longer than any character in both Brawl and even Melee. I do want a couple of staple leads though. Without considering grabs, Tiger Blade or Sword Rain after normal attacks could be good starters. Sonic Thrust after can push them away making Rising Falcon viable as a next move (not to say that Sonic Thrust should be interrupt-able by it). The thing I have to be careful about is making sure that cycles of interrupts can't occur.
It's probably a good idea to make the next release have that. I think with RF perfected, Beast adjusted properly for On Hit, Demonic Circle implemented, and a few other things, that'd be pretty good to also add in Falcon's Crest. The issue is that I need to contact thanyou about getting animations for Shouha Soutenzan/Divine Justice if he has them so that it saves me a ton of work. Even without an Eternal Sword model, I could definitely make the move.