If I had to say anything about Toon Link, I would say that custom moves vary depending on what type of fighter you want Toon Link. If I had to recommend something, I'd say give him the Fire Arrow custom if you can.
As far as stats are concerned, I think either 40/70/10 or 50/50/20 will work for him.\
Good bonus effects would be Critical Hit, Improved Escapability, Lifesteal, Heavy Jump, and Reduced Landing Impact.
Training Toon Link will probably be difficult, given he's really bad at retaining what you've taught him, but he can be a pretty decent threat up close if you can teach him the right moves to use in situations. Jab and tilts are good 'get off me' moves, up tilt can combo into itself and into up smash, forward air is ridiculously strong, neutral air covers both sides, back throw can kill, and forward smash and up smash are extremely fast and deadly.
The only problems he has are his awkward recovery, and his short range. If you can work around that stuff though, you should be golden.
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