Yes, but it's completely impractical in just about every context since it leaves him wide open.
Well, Falco can reflect the suitpiece while it's bouncing, I'm pretty sure it won't change its momentum, just who has possession. Also, it actually doesn't leave them open, because you can jump cancel the shine when you reflect something (at least Fox can, dunno bout Wolf). So technically he shouldn't have any lag (just most Fox players don't run into a situation where they need to jump cancel a shine very often).
Another useful hint (which will work against Fox players as well,) is that if you can manage to nail a recovering Falco using Phantasm with a baby paralyzer shot, most likely they'll start jamming forward-b in order to recover. However, if they're close enough to being in line with the stage, they'll end up falling below the ledge when they do manage to get out of the stun, and will Phantasm to death.
That sounds like a really good edgeguard, fire out a neutral-b to scare them from phantasming, and then tether the ledge... must try...
EDIT:
So does everyone agree, 3:7, Falco is a hard counter to ZSS?
posttesting edit:
I got a friend to play Falco with me and we tested out a couple things:
I wasn't able to escape the walking chaingrab until I left the dthrow at 31%, and then I escaped by spamming down-b.
Phantasm: neutral-b stun shots will stun if they hit Falco directly, if they are slightly over or under the phantasm they will clank/get overridden. Also, when I stunned him over the edge, he recovered rather quickly out of the stun and was able to phantasm without a loss of height.
When I used the B-Air tactic, I had mixed results. It seemed my best method wasn't trying to predict the phantasm and interrupting it, it was just tracking Falco himself and hitting him in the startup lag of phantasm.
If you can train the Falco to recover high after chasing him out for a couple times, I suggest predicting with d-smashes, they seem to work well.
As for hogging his recovery, neither options have a hitbox long enough to warrant a tetherhog. They should both be regular edgehogged (with invinc frames).