Been testing it out a bit, seems most effective against regular fallers cause you can upsmash off it, follow up with a second upsmash (you'll have time to adjust if the DI out before they regain control, or possibly sub for an aerial attack if they DI up), then use nair, fair, or upair depending on DIing or lack thereof, you and then use your second jump to repeat. Can get a good 70% when the charecter is at 0% 0% and potentially set up for a KO.
Keep in mind, I have yet to test this out against an actual person, but, theoretically it should work.
The for the floaters you have to move directly to the aerials, even at 0%, so it tops out at about 30% damage.
For the fast-fallers they have to miss a few techs before you can do enough damage to combo, but at higher percents you can do the same thing as with the medium fallers.