Link shouldn't be dying outright for a loooong time in this MU. Too bad that doesn't matter because Falco will be doing like three times the damage to Link as he'll manage against Falco.
Lasers really completely shut down Link. Just keep lasering him > phantasm away. There's really no need to approach Link at all (heck, you can time him out if you want to); reflector will stuff most of his projectiles, because of how Falco kicks his reflector, the "throw the bomb at their feet" strategy doesn't work, etc. etc. Just shut down Link's projectile game, because Link is garbage at approaching and in CQC. Predict when Link is going to jump and pull a bomb, and shoot him. If Link gets in, honestly, just jab him, grab him, whatever, push him away, and make him try to run through laser hell again. Reflector will beat Link's zair, so even that's not a problem. Falco will crush Link at a distance and demolish him up close.
Levels can affect the matchup a good bit. FD, it's like 10-90 Falco's favor. Seriously, it's a joke. Link has no options and nowhere to go; anything he can possibly Falco has an option that 100% shuts him down. Levels like BF and Brinstar make it a bit less lulzworthy, but even on a strong CP for Link it's very heavily in Falco's favor.
Do's:
-Spam the hell out of Link. He can't really do much about it.
-Use jabs, grabs, ftilt, to stop Link from doing anything when he gets in close to you. As long as you use the right moves, Link can't do anything up close either.
-Be patient. Falco from what I've seen has a bit of trouble actually killing people and Link is close to Snake in terms of how hard he is to flat out kill. Wait for sloppy DI on Link's part and edgeguard him or just stay back and wait til he's near 200% or so.
Don'ts:
-Don't get lazy or complacent. Link doesn't have many options but if you get lazy and let Link get an opportunity, he can make you hurt. Link's got some good kill power, just no way to use it in this matchup. Dair is pretty nasty if you let him connect with it, but honestly, Link shouldn't ever really get an opening to use it, or any of his other kill moves, unless you get sloppy. Utilt is strong and reasonably quick, so watch out for that.
-Get predictable with dsmash or fsmash. Link can DI them straight down and tether the edge. If Link knows it's coming he can whiplash them,
which will work past 300%. As long as you're not telegraphing or fishing for a d/fsmash though it shouldn't be that big a deal.
-Underestimate his recovery. It sucks but he's harder to edgeguard than you'd think as long as he DI's right. Link's know this so a good Link is going to have good DI.
-Be silly with your recovery. If Link reads your sideB onto the stage he can full hop a dair.
-Let Link blow up your head with a bomb. Not like Link should ever get the opportunity to be above Falco, but if he does he can combo a bomb throw down > footstool > either dair or ff nair >jab lock, and Link's jab lock hurts and can be finished up with a killing move of his choice.
This is pretty much the definition of a shutdown matchup; it's Link worst MU (and that's saying a good bit when he's a bottom 5 character). I'd put it 75:25/80:20 Falco, -4 with the new system they're using. It's really Falco's match to lose. Seriously, Link's best option in this MU is "CP a different character."