Finally got to testing this myself and like my theory and zero said this is safe on block due to the fact that ex ball provides pushback.
This set up also builds 3/4 of a meter back.
But I spent more time in the lab and have more goodies. The corner reset I have with 32b4 becomes a complete mix up with 32acidhand as they both come out at the same time since they have a delay and both will reset and both are completely safe.***EDIT***You can also do 32grab (thanks J360) as a throw reset which Scoot Mcgee posted up a few weeks back, find his thread for video.
WAKE UP ATTACK SETUP
Now for the juicy stuff. You might recall me talking about how certain characters completely nullify the X slow ball set up. Well I've come up with a set up that completely shits on that and almost every wakeup attack in the game.
122-fball-321 ex slow ball- double rep dash. Lets use Scorpion for instance. If he wake up x teleports he won't actually teleport behind you but instead in front of you leaving the ball active and still following. So when Scorpion now believes he has advantage on block it is indeed the opposite as you have the ball.
Mileena, one of reptiles worst match ups well this set up nullifes the big reason why she is. If she tele kicks it will completely miss you and land right on top of the ball for a nice reset. If she rolls she'll hit the ball or get elbow dashed.
Kung Lao- if you double dash and he uses teleport on wake up he will eat the ball or if he ex teleports it will shed his armor. If he spins the ball will hit him just after he hits you. Elbow dash twice will take his armor away on Ex spin and the ball will pop him up.
Raiden- I don't know if it works with regular teleport because practice mode sucks but it will keep the ball active if he ex teleports because he'll never actually change sides with the ball but instead always be in front of it. Also his wake up superman because of the double dash you will go right through it and he'll take the damage from the ball.
Cyrax this doesnt work on because he can just do the wake up air grab and escape this completely.
Now why this nullifies most wake up moves you could call a glitch.... For some reason when you double dash reptile will go right through the move disarming its armor but yet they'll absorb the damage ie scorpions ex slide tackle won't touch you but he'll eat the damage. Same with any Jax enhanced move or from what I've found any move in general. Kabal wake up it will break his armor and you'll take the hit but you can still get up and combo him anyway. I haven't tested this on the entire cast but from what I've noticed this seems to be universal.
***EDIT*** Did some more testing, this set up does not work on SubZero but it does work on Sonya. It will even mess up her arch kick to where she'll hit you with the ball still behind you either landing on top of the ball or give you nice pressure strings.
Shit this even punishes Smokes X shake as he'll come straight down on the ball. Now this only seems to happen if you do it perfectly.
So now I know you guys are saying well what if they block that nullifies the set up right. I guess. If you don't tech roll you'll block the dash but wont be able to punish due to the ball right behind me and you can't jump out because the ball is to close (although it might be possible) but if you don't jump out I'll get a free JIP string as you'll still be in pushback block stun mode as I'm in the air.
Now if you tech roll you'll once again block dash but you might be able to jump out before I can do anything (haven't tested) but say you don't the ball will still be behind me enough that I could go into the 321-124-slide reset.
There is only one way to completely avoid this set up and thats to play dead. Which will take away your wake up attack and if I know your playing dead I can do one dash d3 and it will pop you into the ball leaving me with a slight advantage.
Where this kinda becomes a mind game is if you do the full combo 122fball-32slowball-321Xslowball and you know they are going to play dead you can d3 into 321 string with the ball still behind. So it becomes "I know what your thinking, did I use 2 or 1 balls in this combo. Well, to tell you the truth, in all this excitement I kind of lost track myself. So you got to ask yourself one question, do you feel lucky? Well, do ya, Punk?!"
NOTE: You can also do this setup with 321-NJP-fastball-321-Xslowball.
The double dash on certain wake up attacks actually hit the wake up attack and will push you back into the enhanced ball causing a reset if the opponent is not blocking (which they are trying to do a wakeup attack and not thinking about blocking so you could catch people with this as it happens FAST). Worst case this jails the opponent anyway leaving you at advantage.