Sora has the Glide ability in both console titles, so he that would make up for his lack of a tether recovery.
He'd have his first normal jump, then second jump being his Aerial Dodge. He'd probably have good jump height, so his lack of a far third jump wouldn't be that necessary unless you wanted to God-Mode.
This idea may not be as innovative, but I'd think that his Up Special be Fire, sort of like Bowser's Up-S that being a ring of fire circles him. And like Link's Up-S, you can charge it so it can go from Fire to Firaga. And uses as a third jump would give him a little bit of extra length like Bowser's Whirling Fortress.
His roll out of a shield would be Dodge Roll. Ragnarok as his Final Smash would be sweet, him yelling "YOU'RE GOING TO LOSE IT ALL!".
Edit: Now that I think of it though. He would be a Disney character, but his attacks would consist of Square's properties, like Fire and Reflect, so it would probably have to have a bigger joint effort between Disney, Square-Enix, and Sora Ltd.
As for a stage, Twilight Town would be nice as well, fighting with the Clock Tower in the background and occasionally, you'd see locomotives passing by, and on rare occasions spot the magic train going to Yensid's tower, but I think having Desiny Island would be funner, because you can watch it transition to from what it was being eaten away something close to End of the World and reverting back to the prestine islands. Stage hazards would be a Darkside throwing Gravity balls down from the sky with vanishing platforms until it reaches End of the World with a large plane like Bridge of Eldin until it reverts back to the normal state.