All in all, I like default Doc best so far. Then again, I think I like every character default.
I'm not sold on the One Two. I haven't experimented with it much compared to the normal SJP, which I like a lot. I don't really feel like I have a need for the added killing power, but I do need as much recovery as I can get. Obviously the super jump is out of the question.
I prefer bouncing capsules. Even if the fast capsule was superior in every regard, I think I'd still go for the default (unless it was WAY better, of course).
Breezey cape seems cool. I haven't unlocked it, but it seems better in pretty much every regard that matters. Once I get it, I'll find out if I do like it. Thunder Cape seems useless.
Soaring Tornado seems like it's only a good option if you have Ol' One Two equipped and need the extra recovery. I haven't messed with it much, but I seem to remember that it kills your horizontal movement, which is what I use the normal tornado for when recovering. Not really interested in Clothesline, either.