Yeah...this is a fun match-up for pikachu. We literally don't have to try in this matchup. If we duck lasers can't hit us, so we can crawl forward and stop when we see a laser coming. Since Falco is paranoid of us getting grabs, it is easy to predict Forward-b and then we can get the sweet sweet chaingrab. The best at the CG can literally look at your controller to see which way you are DIing to choose either nair or U-smash. Also, the CG doesn't go to 120, it goes to ~105, but then the nair or U-smash basically brings it to 120. So once we get a CG that leads to either death or a lot of %s, we can literally wait at the other side of the stage and duck the entire match. We never have to approach at this point, and falco really can't do anything. If you approach us we can roll behind you and grab you (assuming you commit to anything SHDL or jab/f-tilt) and that either leads to another CG or a nair or something to kill you.
Falco's CG doesn't effect pikachu that much. Its something like 35% and then a spike, but no matter what we can recover, even if we lose our jump. If we do slight angles (345/15) we can land on the stage every time. So now you have a % lead, big whoop. We can FH T-jolts that pressure you to shield or shine, and then we can run in and grab you. If you >B away, we can always just crawl to you and pressure you and make you <b into us.
Killing is hilarious. Pikachu shouldn't be dying until at laest 160% against you guys since your kill moves are pretty telegraphed (Yay playing falco to understand this). The only way falco should be killing is baiting an Airdodge or something to U-smash us. On the other hand, Falco should never be surviving higher than 140%. I'm pretty sure D-smash beats <B when you guys are recovering, so that eliminates a big option. We can probably react to your <B and D-smash on the level. That would totally make this matchup unwinnable for you guys.
IMO if the pikachu knows the CG falco should never ever ever win this. It is Pikachu's easiest applicable matchup BY FAR and you guys can't really do anything against it. You don't quite have the speed to cope with it. All you have is <B and that can get predictable after a while.