I really like Coldwin, they are super fun and there's some really cool ideas implemented. But, some those ideas don't feel fully realised, unfortunately. In my opinion, for Coldwin to feel complete, he needs a bit of a rework so that the lantern has more synergy with his specials and the rest of his kit too.

A lot of the ideas I'm about to suggest would require a lot of work and time. I only share them out of my appreciation for what you've made. Also, I think the ideas would be helpful if you ever wanted to revisit Coldwin, which I hope you do, because there is so much potential here.

If you feel any annoyance or disrespect I wholeheartedly apologise, it is not my intent whatsoever. Thank you for taking the time to read this. I hope you'll consider my ideas if you ever revisit Coldwin.

First, I think the Lantern should need to be manually recalled to Coldwin, instead of it being automatically recalled when he does a lantern move. So, Neutral B would be throw/recall.

Second, when the lantern is thrown out on stage, I think it should change the moves that use his lantern e.g. Bair no longer has Coldwin holding the lantern, he would just be swinging his arms instead; it could be weaker but better for combos etc. To use the usual bair, he'd need to recall the lantern.

With this in mind, his specials that use lantern would need alternates as well. E.g. Down B could have Coldwin remotely activate the lantern's stun and Neutral B would become the aforementioned recall move.

You could also tweak Up B so that the lantern plays a larger role in the move, such as it empowering the knife he uses (I think it already does this tbh, but it's very ambiguous). This would allow an alternate non-lantern version of the move that is visually and mechanically weaker (no glowing knife, less knockback, no crow sfx etc).
Up B could also be able to hit the lantern, causing Coldwin to pick it up and negate pratfall and/or refresh his air options (except Up B). Maybe it even empowers Up B mid way through the move.

To make up for the alternate versions of lantern moves (bair etc.) not being able to build up the lantern metre, the lantern could have a small circular area around it that makes it so any attack done inside of it will build up a bit of metre.

Also, to add a bit of counter play, opponents could be able to hit the lantern, temporarily disabling it.

These changes would overall make Coldwin's kit feel a lot more interconnected.

Finally, I see a lot of people have talked about Phantom mode and I wanted to add my two cents.

I think Phantom mode is great, but should focus less on floatyness, and more on directly buffing his air options. For example, The floatyness could be toned down, but Coldwin could gain slightly increased jump height, as well as a third jump.

Thank you again for taking the time to read this. I know it's a lot, but I couldn't get these ideas out of my head whenever I play as Coldwin.😅