Tsen
Smash Journeyman
Alright it seems you are able to Zair while you still have an item in your hand, of course this is only seems useful for characters such as Link and TL who can pull out bombs and can use Zair as a recovery or attack. It's a pretty simple technique, all you have to do is air-dodge which acts as a "throw cancel" and then immediately Zair. I say the air-dodge acts as a throw cancel because Zair is the only thing you are able to do immediately after the dodge, though the Zair sort of cancels the dodge itself after the first few frames (item or not). With testing I was able to do some really neat things with TL such as while recovering pull out a bomb and after grabbing the ledge, drop, TC-Zair the ledge, and then reel myself in as the bomb explodes so the invincibility frames prevent me from taking any damage but anyone near the ledge trying to camp was hit by the blast radius.