I prefer to mostly camp in this matchup, forcing Link to approach.
In many matchups, Link will want to use landing nair in neutral as an opener. We can simply shield -> up b this move, or even up b when he's above us (before the move even touches our shield).
If Link doesn't want to approach, he will throw projectiles. Using bucket to deal with arrow and boomerang can be a bit too committal for little reward, so I usually avoid using bucket, unless it's to reflect boomerang returning to Link. Instead, we can use back air to destroy arrows and boomerang.
Link's bomb explosion can be absorbed (fills 1 stack of bucket). Usually Link has to manually blow up the bomb. He will try to bait you to use bucket, so he can punish you during the move's lag. He will not want to fill your bucket, as it can kill Link pretty early.
To deal with this, we can manually explode the bomb with our forward air. There's a specific timing that can be used to blow up the bomb AND absorb that explosion with our bucket. See this video on how to perform this setup properly. It is worth practicing, I've won games and sets from doing this against multiple Link mains.
Link will usually recover in 1 of 2 ways: Up b from under the ledge, or use bomb recovery.
When link is recovering low, I like to use chef 3 (neutral chef angle) to get as many hits in as possible. When he gets to ledge, you will be in getup-attack range. We can use this as a bait to jump -> fair the ledge to punish the getup attack. If he catches on, he'll likely try to roll or jump.
If Link is at a high % and recovering low, try to hit his head with dair while he is going for up b.
If Link is far from the stage, you can try getting near him for a back air before he has time to pull bomb and use it to recover.
If Link is going to bomb recover high, just try to punish his landing and send him back off stage asap.