I dread when going through the daily grind and up comes a TL. I don't want to say much cause I could go on for pages and it's all opinion....but I will throw out something that helps alot. This helps if you are playing a toon link that spams projectiles like it's his job.
The boomerang is your enemy, bat it away or shield it (don't roll past it cause you'll get hit by the following arrow spam), but don't be afraid of the arrows. I used to get 2-3 stocked by TL cause I'd try to bat dodge kick everything...till I realized they don't do much(the arrows). they barely knock you back at all giving you enough time to jam TLs face.
I usually will bat the boomerage or dodge it, then jump towards TL and if I take a hit from an arrow I shrug and Try to combo TL. You'll get to a point where you rarely get hit by any of his projectiles but just keep in mind the arrows aren't that scary and put him into a vulnerable position.
One last thing reguarding the approach. If a TL is spamming and he throws a rang followed by an arrow immediatly after...you have a great opening from lag time. Meaning if you anticipate this attack, jump the rang and dair/uair his trash. I got to the point on a few of my online pals where they stopped spamming consecutively, which helps ALOT.
GL!
P.S. Let us know when you overcome this and you're introduced to bomb juggling...nothing like a clown TL.../sigh