So I know that it seems to in general buff most normal attacks, but what I'm curious is exactly what is the buff boosting, and by how much is it boosting it by? Am I missing any other attacks that it might be buffing? Tips tooltip states that it seems to buff movement speed as well but I have honestly not found a difference considering WFT is already a very fast character.
Super Smash Bros Ultimate – Wii Fit Trainer’s Deep Breathing Move Explained
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There is no competitive difference between the female and male Wii Fit Trainers in the Smash games - the differences are purely aesthetic. Their Smash 4 and Ultimate Wiki pages list no differences - they would do so if there were differences. This also applies for the genders of Villager, Robin, Corrin, and Inkling, as well as the alternate costumes of Olimar/Alph and Bowser Jr/Koopalings.
Sakurai stated that any changes between characters that are more than aesthetic and reflect different attributes warrant a separate character slot e.g. echo fighters. No difference in attributes = no separate character slot. For example the only attribute differences between Peach and Daisy in Smash Ultimate are slightly different hurtboxes during certain animations.
EDIT: As per Toomai, it's not mechanically possible for different costumes to have different hit/hurtboxes. There is only one moveset file (which contains this data) per character. Lots of other stuff can be costume-specific, but not this.
If you press shield after you start side-special but before you actually hit the ball, you'll go into free fall and the ball will just bounce in front of you. You can then hit it with any move you want!
Different moves will give you different angles and speeds, but my 5 most used angles for edge-guarding are:
High
If they recover high like you mention, you can side-special toward stage and then forward-tilt back toward the ledge. This will result in hitting the ball with your back foot and sending it with a nice arc to catch anything high:
Forward
For a fast ball straight ahead, you can do a forward-tilt in front of you:
Low #1
This is probably my most used edge-guard. It's both simple and covers most recoveries.
Cancel the side-special on the ledge side, and then immediately input a single jab:
Low #2
The issue with the other low technique is that it goes a little far from the stage. If you have someone who's recovering closer to the stage, they'll be safe from it. At this point, I'd go off stage and look for a down-air spike, but maybe the opponent has a dangerous recovery for you or you prefer the stage. In that case, this one's for you!
You'll have to be pretty close to the ledge, since you'll be sending the ball straight down. Cancel side-special toward the ledge and then immediately do a short-hop down-air (this can be buffered easily by holding jump, attack and down on the control stick right after you go into free fall from cancelling the side-special):
Low Fancy
This one will give you almost the same angle and speed as a simple jab, but if you're feeling a little spicy and you want to impress people, you can go for a back hit of forward air.
Cancel side-special toward the ledge, then immediately turn around and short-hop fast-fall a forward-air:
If this lands, it'll pop the opponent up perfectly for a run-off down-air to maximize the spiciness. You can see me instinctively beginning to run off-stage for one in the above gif.
Everything Else
There are of course a bunch more possibilities, but these are the moves I've found to be the easiest and most useful for covering recovery options.
For all possible moves and their trajectories, I'd invite you to look at these absolutely incredible graphs put together by Ashlynn Zlicious (@violightning).
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Toomai has already given you the raw numbers, so I want to talk a little about application and how those numbers translate to actual gameplay...
TL;DR: What does Deep Breathing actually do?
It makes Wii Fit one scary yoga
mastermonster.No seriously. This move alone is what takes Wii Fit from being an all around decent character to an absolute menace. I'll walk through some examples below, but this move...
The "oomph" factor
With Deep Breathing active, your damage output is through the roof. That extra 1.2x percent is nothing to scoff at!
Here's a visualization of how it affects the damage on different moves in Wii Fit's arsenal (thanks to Ashlynn Zlicious (@violightning) for putting these together!):
For example, this bread and butter Nair combo at 20% without Deep Breathing would normally put you into the mid-percent range for more combos. But that same combo at 30% with Deep Breathing brings you all the way up to 82%! Since you already have Deep Breathing active, that's kill percent!
Not to mention, if you started the match with Deep Breathing, down throw into full-hop Bair at 0% will deal just over 30%, setting up for this Nair combo.
So just two Deep Breathing combos will put a character at kill percent from 0! That's insane! These aren't even crazy difficult combos either. They'll work for any character and they'll work with a pretty big percent range. Trust me when I tell you: Deep Breathing is scary.
The kill power
That 1.2x damage and knockback turns situations where you wouldn't be even close to death into instant stock losses:
Note that this is with Ridley, one of the heavier characters in the game. With Deep Breathing active, any lightweight or midweight characters are at kill percent when they're around 70-80%. Get them at the ledge or pull a combo and that's dead!
If your opponent has some Wii Fit Trainer matchup knowledge, they'll know this and will likely start to play a lot more cautious the second you get Deep Breathing. This is something you can take full advantage of.
The combo potential
Deep breathing increases Wii Fit Trainer's run speed and fall speed, which can take away some combo options. For example, that Nair combo above is not possible with the short hop Nair on the left if Deep Breathing is active, since Wii Fit will fall to the ground before finishing the move. However, she gains far more than she loses.
It's super niche (will only work on large heavies), difficult to pull off and more flashy than practical, but Deep Breathing gives Wii Fit some completely nutty combos like this completely true 0 to death:
It's worth noting that while the different fall speed and gravity give you massive potential, they're also extremely difficult to get used to at first.
When I first picked up the character, I spent awhile practicing combos and moves without Deep Breathing. When I then started playing with her in a match, I found it very difficult when Deep Breathing was active. I would be falling way too fast and landing before my move would come out, or running past where the opponent would land on accident, it was terrible.
It absolutely takes some awareness and practice to get used to the difference. Even now I'll get excited and go in for a move when I see an opening before realizing I don't have Deep Breathing active and I'll try to execute the wrong combo.
So how should you use it?
Wii Fit has been my main in this game and I love her to death. My advice to you would be to get this move out immediately and try to keep it active as much as you can in the game. The time to charge it has been drastically reduced from Smash 4, making it that much easier to get after you've been hit and you're falling back to stage, or as your opponent is recovering.
I actually went back and watched one of my tournament games and found that I used Deep Breathing 20 times in the 6 minute game. This move is incredible--Wii Fit becomes almost a completely different character when using it.