This stuff is really cool.Not Melee, but this old tech in Smash 4 was looked into more recently by My Smash Corner
And the results are pretty sick. It opens up so many more movement and mix up options, I really hope top level players pick it up since it will almost assuredly shift the meta.
https://www.youtube.com/watch?v=mH528Pdh1Rk
The only problem is it isn't that optimal with a GC controller, although it is still somewhat possible with it.
The controller thing could be a big issue though.