Like Ten said, 4P+KH to 9PT will only work on those with slow reaction times. Having the feint attempt from 4P+K is great, but it'll likely be better to go for quicker options.
To answer Fatal's question, I'm very pleased with what I've seen so far. Like Brute mentioned, we really can't say for sure how good she is until we have her, but there's literally no way she can be worse, or even as bad as DOA4 Tengu.
There are a few things I'm disappointing with though. P+K being 5 frames more unsafe on block is one of them, which we've already discussed. Yeah, it is possible that no one is going to punish it, but it's still a dumb change. Another would be that H+K is now i19 instead of i17. This was an awesome (by Tengu standards) tool for Bankotsubo to space with (though it was unsafe), granting a nice stun on NH and launching on CH. Even with all the buffs that Nyotengu has received, I can still see this being a regular option for her (even though no one is using it in any of the arcade footage) assuming that it still stuns and launches the same way, so being 2 frames slower now is not cool.
Overall though, she's looking way better than ol' Banko and I can't wait to hit the lab with her.