Crank
Smash Apprentice
That's because Link out ranges, kills you quicker than you can kill him and rivals you in projectiles. The only advantage Toon Link has is his speed and floatiness, as everything else is for the most part overshadowed or even with Link's counterpart of it.
You can gimp him once you guys are off-stage, but on-stage, I'd say Link has the advantage regardless. But as I said, Toon Link can do a hit-and-run game, send Link off stage and then gimp him. It's only a slight advantage though, which is why JesiahTEG can the match-up 6/4 slightly in TL's favor.
Links arrows are short ranged when they aren't charged, which is bad, obviously. By the time his arrow has charged to a point that it can shoot far enough to hit me, I have already SHDAd. The latter of the arrows shot, due to the slower speed of TLs arrows, will most likely hit Links arrow as its flying towards me (if he gets the shot off), canceling it out, while the other arrow will most likely hit depending on how far away I am and how close I was to Link.
TLs boomerang has greater use, range(?, not sure on this one), does more damage, and can damage on the way back (good for defense too, as it can disrupt the opposing player).
Bombs may be weaker, but have a bigger area.
Arrows-TL
Boomerang-TL
Bombs-Equal
Just my opinion though.