My first instinct (and perhaps it is wrong) is to say that I think I agree with Kojin. It does seem like I can build up a lot of damage on Toon Link when he is offstage. I think this is true for several reasons.
The first is as Kojin said, that his recovery is pretty predictable. He's safe-ish with those bombs, arrows, and boomerangs and such, but there is little variety it seems like to his choices.
The second is that if you fail to hit him or knock him away or w/e and he hits you, then you usually take hardly any damage at all. Maybe one or two hits at most from his spin attack or one hit from the boomerang or a hit from the bomb.
So, it tends to be that you are dealing more damage to him (even if its not a ton) when you catch him than the damage you take when you fail and on top of that, you are more likely to hit him then he is to hit you. So, you have low risk and the potential benefits outweigh the potential costs.