i just got the taunt loop down and i use a controller, i had taunt set to my left bumper and it makes it easy
thats also because i play melee competitively and its almost the same motion as wavedashing, but thats just my preference :]
i agree with ShadowHail, the TL is incredibly boring to watch and it has brough taos repuation down
that being said i can imagine why you would do so in a tourney match with money on the line. there are some match up that feel almost impossible without it imo