There are three methods (at least that I use) that can be used to kill off the stage with Wolf's D-air
1:
-Jump off ledge to D-air
-jump to recovery
(Best for low recoveries)
This is probably the most risky method, and more difficult to land of the three. use this method against slower recoveries from below most times.
2:
-Jump off ledge, line yourself up just underneath your opponent
-Jump and immediately use D-air
-Recover
(Best for mid-level recoveries)
If you can get it down, this will be (in my opinion) the most effective method to kill with Wolf's D-air, mostly because it is the least expected. With the first method, they can see you coming straight down to kill and has a moment to react. With this second method, your opponent is concentrating more on their recovery or killing Wolf than defending themselves. When you are below your opponent, you will not appear do be as much a threat since any upward attack will aid their recovery. A simultaneous mid-air jump and D-air is the perfect maneuver for this situation.
3:
-Jump high off the edge
-Mid-air jump to d-air
-Recover if necessary
(Best for high recoveries)
This method is similar to method two, only this method has more vertical movement whereas the second method has more horizontal movement. If your opponent insists on recovering very high, you can swoop up and take them down to their death
In general, Wolf's D-air spike will have an easier time killing:
-large characters
-characters with extra jumps (Kirby, Pit etc.)
-characters with a slower air-speed
Depending on the above factors, the D-air will be more useful or more situational, for example: Fox has a very quick air-speed and a very quick recovery, there is almost no place to kill with a D-air (the only probable time is when Fox is charging Firefox), not to mention Fox is a relatively small target. Metaknight on the other hand, has several smaller jumps and moves slowly through the air, easy pickings For Wolf. And Bowser, whose huge bulk is hard not to hit, requires less precision than other characters to land a hit.
As for the Wolf Flash, It has uses, even if the spike is more situational. Remember that the end doesn't always spike, your opponent will be sent the direction relative to their position to Wolf at the end, eg: If the end of Wolf Flash has your opponent right in front of you, they will be sent forward away from Wolf, if your opponent ends up right behind you after Wolf Flash, then they will be sent behind and away from Wolf. The best use I have for it is a kind of anti-edgeguard technique: Simply use Wolf Flash at such a time when you will be right on top of your opponent at the end of it. If you hit, which you likely will if they are not expecting it, they will either be sent across the stage away from Wolf, or they will be flung off the stage, often to their death.
As for offensive purposes, Once again it works best on slower larger characters or characters that move slowly in the air. Its tricky enough that they often won't expect it, and has the potential to do some serious damage, even to kill, it just takes practice and knowing when to pull this ace out of your sleeve.