Disclaimer: I barely even play Toon Link, and never really browse the Toon Link forums either.
Anyways, I had a silly little idea, and wondered what you guys think about it. (Assuming it hasn't been discussed before).
So since Link and Toon Link at this point in time barely share anything in common, and most people seem to be under the idea that Toon Links Arrows and Boomerang could use some work (compared say to Links). Let's say instead of having Arrows and Boomerang they were replaced with the Slingshot, and Pegasus Boots.
I chose the Slingshot and Pegasus boots to keep more of the cartoonish Toon Link personality as they would made sense.
Now for the details. Slingshot would replace the bow. I imagine slingshot could work, as a projectile you don't charge up that shoots in a straight line that you could angle and moves at a decent speed. Just tapping B would make him shoot a shot straight infront of him. I think having the ability to angle them is to make up for the fact that Pegasus Boots will replace Boomerang and being able to angle the shot makes it so you can still have the ability to hit someone diagonally.
As for the Pegasus Boots, Toon Link is a rather mobile and fairly aggressive character. My idea is that it would replace his Boomerang and it would work as follows; Toon Link raise his shield, and hides behind it, (his shield would block projectiles that his shield normally blocks while he is in a neutral state) and hold his Sword straight out horizontally and then charge straight forward very quickly while having his sword being a constant hitbox that doesn't do much damage or knock back as it's mostly an approach tool. And to make the move better have Toon Link be able to jump out of it, so that he can do aerials, wavedash, maybe jump cancel grabs like Ike. Perhaps have the Pegasus Boots have a small start up time if they seem too strong.
That's basically the gist of it, remove his slow projectiles for faster ones and better quicker approach options. Don't be afraid to call my idea stupid, I'm not sensitive, just a bored someone with an idea.