Any gap that is two frames can be fuzzy guarded. The mix up will be good initially until people learn how to block properly.
@kcd117 does a good job summarizing the potential weaknesses of the ninja variation above. Unless the ninja moves receive significant changes, you are giving up a lot for very little.
Just like in Mortal Kombat X, I predict that the vast majority of these third variations will rarely be used at a competitive level. The variation system continues to be a flawed mechanic that ought to be discarded.