ok here are the changes I made so far:
1. I made a new Dash attack animation from stratch based on FF7 when sephy runs up (like the way he does now) and preforms a down to high slash across the foes body.
2. Edited throws power
3. I didn't change the catch animation because I think its fine the way it is and more realistic than the preceding one we had which was just Marth's B special animation. Plus, Tormod did a fantastic job with it so I'm keeping it on sephy.
4. Weak version weights 85 and has edited Side Smash where uncharged he does the last hit of octoslash (same way hollow had it)
5. I think the side B in air is fine. The attack is weak doing 11 damages or less and when it ends he goes in to a "free fall" state so him moving a tiny bit forward is not a big deal. Plus, by the laws of physics, what is in motion tends to stay in motion until the exponential thrust of force ends on him. Right now, I think his "tiny bit" movement forward is more natural than him stopping in the air completely after doing "GOD speed."
6. I don't recall sephy being able to move in air before doing Hell's gate but I can give it some end lag.
7. The Pivot Grab is now fixed to the new catch animation by Tormod.
8. I changed the Forward smash charge indicator graphics to both be light graphics rather than a dark graphic on the second charge.
9. octoslash has been speeded up but its not over kill lol
10. is there more to add before I upload?
edit: oh almost forgot, I made his Up B "Heaven's Light" go up less high, turned out good. Nice suggestion.
a new f-air (suggestion to change current f-air by AoD), my idea:

and a new b-air, also my idea
0:14 and 0:48