Three of my friends, in a smash circle of 18, play TL and I used to complain about this match up, so I come to repent.
TL can be countered and in fact Owned by Lucas. Practice practice practice reflecting items. Play a lvl 9 TL if you have to, and run from him till he fires projectiles at you. Computers are stupid and will do this and you can use it for batting practice. I found this improved my game against TL 10 fold.
Always reflect rangs back at him but only arrows that he charges. Non charged arrows will go back at his shield and he'll just fire another one. If he's smart he'll realize his spam strat won't work and he'll start pulling bombs first and throwing them after you reflect an arrow. (<--another reason why you should avoid reflecting arrows.) This is when you learn to air dodge and Nair to grab the bombs and lug em back at him. I swear to you, if you practice and practice against TLs projectile game you will shut your friend down. I used to get 2,3,4 stocked by every TL I faced, now all I hear is complaining about how OP lucas is.
A few more pointers:
Avoid PKT and PKT2 while on the stage in this match up as his arrows and rang will cancel it and you'll be a sitting duck.
The best ways I have found to edge gaurd a TL is to chase him with PKF and/or a rising Dair. I only chase with PKF against TL since he has such a slow fall and is very predictable.
You can grab TL in the middle of his Fsmash.
Always approach TL with an airdodge followed by ftilt/utilt, make sure to land behind him.
Side stepping is crucial in this matchup, but when in close range only use it while behind him him, his Fsmash will eat your children.
Your bat will hit his sword during his attacks and send him flying, remember this for spacing.
Tone down shield grabs in this match up, not only does his grab out range yours, but most his moves will space him out of your range if he hits your shield, IE - his Dair, Uspecial, Dtilt etc.
I could go on and on but basically TL has very few moves that can't be punished harshly. His moves are slow but hurt, that's about it. The slowness of his moves is why most TLs will spam projectiles bringing us back to my main point.
Practice practice practice reflecting and dodging projectiles and your next match with your friend will be a joke ;P
GOOD LUCK !