from the stage level, if you bite in mid air and you still have your double jump, you will either both die, or you will ALWAYS recover.
if you DONT have your second jump,
-if the opponent breaks out after one pummel, you can UpB back to the ledge instantly.
-if they break out ofter two pummels, you can pull out the bike, lean back, jump and then UpB to make it back.
-if they break out after three pummels, they will recover and you'll die.
-after four pummels you both die.
if your opponent is shielding, you can do a ledge jump and chomp him on the way down as wario's ledge-jump doesnt jump towards the stage, just straight upwards. This way you chomp offstage while retaining your second jump. if you have a stock lead then it can never be to your disadvantage.