Offline, I try to punish reptile's elbow dash with 1,1 xx roll toss/gun shot/grenade (although with its new pushback it's very hard)
Online, the best I can get is a dumb D1 or throw attempt. But all reptile needs to do is jump or even dash again and he can beat it trololol. Seriously, Reptile gets away with murder online.
Here's a thought: On wake up, if Reptile throws a force ball anywhere near mid-range, you don't need to waste a bar of meter. A regular wake up roll will blow right through it. So meter should mainly be used for breakers and to go through far force balls.
It's possible to keep Reptile out and even outzone him, but he can close the distance pretty quickly so it's just a matter of time until you have to deal with his BS lag strats.
I also find his slide awkward to punish for some reason.