The only thing i don't like in Hat Trick is the above trap, that move is so useless because the hat is placed exactly above Lao's head and there is no way to place slightly in front of him with an additional command like the front and away traps, which of course i now use constantly to setup my 50-50s and bluffs
Other than that, i don't think Hat Trick needs any more changes, its one of the most versatile variations, that the weakest matchups of him are the ones with fast teleports, and that is counting all scorpion's variations, ermacs, and maybe raiden.
He has it all, good damage, reset, oki, 50-50s even if is not much of a evidence, but definitely there, his standing 1 anti-airs which places him on the ones with better normals for it.