Cloud is overpowered. I'll edit my post with explanation.
First of all, Cloud is based off Ike. Ike is a character with great range and power, and to compensate for that he lacks projectiles and is really slow and punishable. What you have done for cloud is take his amazing range and power, and then made him lightning quick with projectiles. I'll break it down for you so you can see why I think he is currently too good.
He moves fast; his run is fast, he jumps fast, medium fall speed, great aerial control and speed. He can weave like wario, which simply put is far too great an ability for a character who is also extremely fast attacking (like MK, who has terrible aerial movement) with great range.
He has almost no landing lag on ANY of his moves. It is pretty ridiculous, he can pressure incredibly well, link tons of hits, and doesn't have to worry about being punished, because almost none of his moves have punishable landing/ending lags.
He has fantastic range, far too great. Ikes fair is considered good because it has the largest range of any fair in the game. It was balanced because it had starting, ending, and landing lag which made it situational move to use. So naturally you kept the best part of it, the range, and then made it incredibly fast to start, a lingering hitbox, fast to end, and with 0 landing lag. You can use fairs to link together, you can fair to any followup, you can fair a shield and laugh at their inability to punish...Cloud can just throw this move out any time.
His dair is an incredibly fast to start, super fast falling spike that has little end lag. You can use dair, spike them, then up-B immediately out of it and fly back to the ledge while they get spiked to their doom. And they can't really react, because Cloud has MK like speed.
His nair and uair are almost immediate to start, huge range, great pressure, and almost no landing lag. So once again, great speed and range, and unpunishable. Yes, Cloud is like MK with better movement, projectiles, and kill power.
His projectiles are good, down-B out of a dash gives an enormous slide akin to a snake dash except instead of the projectile going up, cloud shoots it ahead of him. -__-
His smashes...Well, Fsmash is fast, good range, killing power, and good damage. Usmash, good range and killing power. Dsmash good damage and killing power.
His B, his fireblast, is like MKs dair, only 3x as big. -__- Overpowered edgeguard...get!
He can jump over the ledge, fireblast, down-B, up-B and essentially form an impenetrable wall of gimping chaos. Fireblast stops everything except airdodging through it, which the followup down-B will prevent, and then if they try to recover from that up-B will hit them out of their recovery as you rise to hog the ledge.
Cloud is OP.