Yeah, the ledge attacks are pretty punishable. I usually don't do them and stall until people come close enough to be repelled, but against another Falcon, it's sorta hard since he can punish whatever someone does so easily.
I could release from the edge and regrab it to stall, but Falcon could just run off and back air me or something. Going into the air is risky because his aerials are so quick. A normal recovery without the attack would probably get punished. A roll back onto the stage, probably the same.
The only time I use his attack recovery is when he's at a lower percent. You know, when he slings his feet up first. It has enough range to keep me safe from anything 'too punishable' on the ground. Like a smash attack. Otherwise, if it doesn't hit, I could take minor damage. A knee would be the main thing to look out for punishment wise. But since his percent is fairly low when hes doing that attack animation, it wouldn't be fatal.
Percentages where he is able to be KO'd easily, that's usually when he does his garbage edge recovery and swings his arm to smack them away. Which has no range, can be punished WAY too easily. You'd think he'd do a more defensive form of recovery when his percent is that high. lol.