Setsuka Lounge
1) Sets' 11B, 33B and agB launches the guy up into the air. What are some good follow-ups?
You might want to look at that :
http://www.8wayrun.com/f38/sexy-umbrella-combos-t84/
2) I... don't know Lizardman enough to say anything.
3) 214 B+G throw. You have to wait until you're ready to attack again before starting the 214 input, at least from what I've seen. Generally, with 214 and 236 inputs, you can start with these directions before you can attack. But with 214B+G, it doesn't seem to be an option. I could be wrong, but I'm pretty sure.
4) Any recommended moves to start or open a battle with? Currently, at the start of every battle, I do her A+K, A to leap in the air and hit the opponent, and now I'm switching to 66bA, since it does quite a bit of damage.
A+K,A is very nice. You can follow it up with a throw easily.
If they start crouching before you manage to throw, you can start mixing it up with BT B+K:B instead.
If you're comfortable with turning around manually before starting an attack, the B+K combo might be a better option than BT B+K:B.
Another nice move is bA. It usually wins if the opponent tries to attack. It also usually beats sidestep.
But it leaves you open for punishment if they are stepping back.
And if they are immobile, there are times where it won't quite reach them.
Still, it's my second favourite opening move...
My number one favourite opening move is 66A.
It catches side steppers, catches back steppers, and will interrupt somewhat slow attacks.
But if the opponent frequently starts with an attack and 66A doesn't beat it, then I either use bA, or I don't open with an attack at all.
5) When is the best time to use 11B and 33B? And also 2A+B?
Personally, I find no use for 11B... 33B is pretty much the bread and butter of Setsuka. Use it when the opponent is somewhat distanced and not sidewalking, and be ready to chain up with the combo of your choice in case that it magically connects.
...Some people could probably give a better advice than that...
2A+B is okay as a pressure tool... When the opponent is scared and is trying to block whatever is coming because they're waiting for an opening. It's where I use it the most.
It can also work on wakeup, as Ahrezmendi said. But it's a bad idea if the opponent likes to roll before getting up. Unless you wait after they're done rolling, but then you might be interrupted if they rise with an attack. It still remains good if you're willing to take the risk.
Another use for it is when you're both very distanced, and then you run in their direction and they're waiting to block whatever you throw at them... If you do it rarely, you might be able to catch them with 2A+B.
6) Is B+K's Setsuka's best move for decreasing an opponent's Soul Guage? Or is there even a more powerful one?
http://www.8wayrun.com/f38/setsuka-soul-crush-info-t1160/