This match is going to require spending a lot of time looking at heat and the arena as much as looking at Valk.
His blockstrings can be IB'd if you take care of them properly like Jason brought up. But if he has 50+ heat, you're going to be stuck for a while looking at mixups and watching your primers fall.
You want to keep a lot of your crap lying outside (loebilas, pumpkin, geoerge) 'cause once he's in wolf form, he's going to get destroyed by ALL OF THIS. So he'll try this once or twice, then just rely on old man hopping. When he realizes this, he's going to air-dash in and use that J.C of his to foafhaosdfasdfoaise own every fucking thing we have. My suggestion if you want to punish that, would be to super jump 8 or wind jump 8 the moment you see him jump and if he dashes forward, depending on the distance C loebbbzzzz, or j2.c his face right off. This will lead to MASSIVE DAMAGE (massive in rachel's point of view at least).
To sum it up, spam your zoning tools (loebila and pumpkin for wolf mode, frog for human mode), spam ranged attacks on wolf, frogs and punishes for human mode, DON'T LET THAT NIGGER GET ALL UP IN YOU.
O btw, this fight is a great example of SPACING. You want all of the space from him possible His regulars beat your pokes and unlike rachel, his abare exists.
(My first time posting in one of these threads, was this shit actually helpful?)