I'll throw in my 2 cents on a move set. This isn't really a full move set, but rather a list of moves I think she could have. These are all based on the games so if you haven't played much Panel de Pon, I'll try my best to explain.
Watabou: A watabou is that balloon animal Lip is holding on the title screen. This would almost definitely be an up B attack. It should work like Peach's umbrella or even Snake's cypher
http://www.intsys.co.jp/game/panepon/p02/mct/chr/wata.html
Garbage block: Well we have to have this. It's like the cornerstone on the Panel de Pon/Puzzle League series. I think it should either be a neutral B, or a down B move, or even a forward B. Basically, it would summon a block from the sky which crashes down with the force of Kirby's down B. Also, like Pikachu's thunder shock (or whatever his down B is called), if there are any platforms above you, the block will land on them.
Flower shot: This would work best as a neutral B or a forward B. Lip simply shoots a flower out of her stick, which causes a flower to sprout on someone's head and drain their health. This is derived from the flower that appears when Lip does a chain, which causes a flower to form and fly to the top of the enemy's screen and becomes or increases the size of a garbage block.
Cursor switch: It would probably be a down B move. Using it in close proximity to an opponent causes white box lines like the cursor from the game to appear around Lip and the opponent and Lip switches places with them. It shouldn't do any damage (or maybe just a little bit), but it provides the same benefit of Mario's cape move (which if you didn't remember, turns your opponents the other way, allowing you to gain an immediate advantage).
Block toss: Perhaps forward B or Neutral B. Lip simply tosses Panel de Pon themed blocks in front of her. Maybe the damage could change depending on which block is thrown or something. And like King Dedede's Waddle Dee toss, Lip can occasionally get lucky with it and throw out a shock block (the blocks with the ! mark on them) for big damage or perhaps a stunning effect.
Block rain: The Final Smash of course. We hear the fan-fare that plays when Lip creates a huge chain, and a slew of blocks rain over the course. They cause as much damage as regular blocks, but when there's a lot more of them, they should rack up damage or KO pretty fast.
Smash attacks: It wouldn't be fair for all of Lip's A attacks (which presumably would use the Lip's stick) to cause a flower to sprout on your opponents head, so it would only happen when she used smash attacks.
Well, those are the moves I think would be most logical for Lip to have.