Haven't touched the character since the patch removed the option selects because I figured it would be his death.
The character already lacked so much in the neutral game, relying on either armor to punish a poor approach or reversal pressure to open up the opponent. This meant that if you played against him properly, the way you should play the Raiden MU, Raiden essentially always had to deal with his opponents' pressure before he even got a chance to start his pressure. In a game where so many characters have crazy pressure sustainibility and 50/50's, that seems like a big deal to me. In my opinion the safe 50/50 is what made this scenario fair.
After F1 was nerfed, the option select became pretty integral to how the character functioned with his current tools. Now that it's gone, the character could use some adjustments so that he can actually compete in the neutral, and not have to rely on defense for damage/pressure opportunities.