Omg youre doing piccolo thats awesome!!
Flying itself is something i imagine isnt great for fighting games anyway, it only comes up because of DBZ. Dbz fighting games thenselves(the best ones) are built upon normal fighting games, everyone grounded too. Youre already doing great with the constraints (like a move Cell did in the trailer)
Maybe some of that feel could be aproached tangentially- like being able to jump high, air block if possible, air dash, moves hovering for a little while like hovering while blasting projectiles (perfect moment for opponent that avoided to jump-dash and punish melee while jumping) things like that

But im just throwing ideas since i have no idea of LF2s particulars and constraints. I have played LF2 waaaay back (huge nostalgia seeing it again with your mod, and DBZ is another huge nostalgia hit) but not enougth to recall all the ins and outs.

You got a new subscriber, really nice project!