It is impossible to do infinite waveshine combos. It is possible to do waveshine to dair on certain characters but you are one hundred percent correct when you say I don't do it because of lag.
I was using Peach and I got a bair-bair-up special kill on the edge of the stage. The parasol went past the blast line but Peach didn't. An example of perfect spacing.
Kien's build increased Peach's standing grab range slightly so she can shield grab punish a little easier. Since I'm pretty sure this is the build in 4.0 (Kien has hinted heavily at this) I really dont have any problems with her grab the way it is.
Yeah. Im gonna take the Lucas RU spot and challenge GA for the champion spot of that cause I'm butthurt. Also lost 2-1 bc GA quit in the middle of the first game.