All projectiles in frame data is TOTAL frames of the move as Toan stated. In a match start distance doing 236D against Relius he can't punish you if he Led Ley it without Ignis active. If she is active he can punish with a 6D barely, but the followup after that isn't anything because of the range. At best he'll be able to start his own pressure. Now if i'm reading this discussion right you were wondering if he Led Ley Lambda's 236D will a 236C punish him quick enough. The answer to that is no. He can beat the 236C with a easy 5B or a Throw after his Led Ley. If you are wondering how much of a punish he can get off of it here is some meterless numbers from testing this situation:
Without Ignis: 2102
With Ignis: 2849-3612
Now if you guys are doing your 236D as a oki then he won't have Ignis anyway to assist in his punish. If you don't time your 236D well and with a good distance he can punish it with a wake-up Vol Tedo distortion (the one where Ignis grabs you, puts you into a energy ball, and explodes) clean for a easy 2364 damage.