I tried it out a little bit and here's what I've gathered. Also, keep in mind that this hasn't been tested against a human player (since I know no one that plays Baiken). It should also be noted that in the following cases, Baiken counters the first hit of the butterfly on wakeup.
K counter = You are boned, unless you FRC the 6H. Either way,
P counter = Guard Point GO
S counter = Guard Point GO
H counter = Everybody Whiffs
D counter = Guard Point GO
Basically, it worked out okay against everything except K counter, which will horribly mangle you to death. Given how this was somewhat fool proof against the other 80% of her counters though, I'd call it a general success
Still, as Klaige pointed out, it's best used as a fun shenanigan on very rare occasions. It must be hilarious when successfully pulled off though