It's pretty hard to tell if the character overall is good because no one knows what the hell they are doing yet. At the very least, he isn't bad in any category on first view.
Kishuu shortened distance is due to them cutting out animation, so as far as I'm concerned, it's a good change. It's now a much faster animation, so it may be a legitimate mix-up opening depending on frame data. If possible, this will replace hotaru as the anti-jump tool with a handful of new air unblockables.
Note:4C>kishuu is not safe, but having gurren and kishuu options makes it relatively safe. I think 5B/5C/2C would be safe though (unless IBed).
4C special cancel is going to be the backbone of hakumen game play, mainly because any type of combo that has renka is now worthless in damage. You can get similar damage off 4C for less magatama spent. I'd think you would want to avoid using renka, so any A poke into renka would probably be discouraged unless you are looking to blow meter. Don't forgo close range completely though, but understand that your pokes are for conditioning purposes, and try to use them to set up better starters (5C and 5B< especially 5B since now it's air unblockable)
Need to figure out if hotaru (regular and counter)>kishuu 5C works, at ground level. I think at the very least, counter> air dash> j2C>etc should work if timed correctly. Should still be usable in the middle of the screen, but the damage and carry are both reduced. In the corner, the wall bounce on counter should allow some type of 6C combo (assuming air hit has enough untech time). Another trajectory change that should be looked at is jD, although I'm told you can't do much with it. And finally, both are no longer primary options as AA. Should start using 5A/5C liberally.
jC>5C knockdown is probably no longer universal. However, I do believe it's still viable in certain combos. For combos that cannot result in knockdown, need to explore the 2C>kishuu option now that kishuu is quicker (2C being wider will help). Corner game will need to be reworked, but I don't believe this will be an issue.
Corner throw combo not requiring meter is good. Seems like you can't cancel anyways. Air throw has wider range, but that's a general buff (ie, everyone has that buff afaik).
I think if they had done something about wake-up options, the game would have been pretty good. Overall changes makes sense, but we will have to see if there is consistency.