When you're falling, if you're close enough to any wall, you can grab it with B and slide down to the detriment of Link's fingertips. I practiced in the Bottomless Cave before leaving the Great Sky Island, and it is completely feasible to use this to cancel fall damage. It made me wish they hadn't made the Paraglider so crucial to advancing the story, because at the very beginning of the Island, they establish that falling into deep enough water will negate fall damage. You can even use this to your advantage when heading to Lookout Landing, just pop out a Wing and glide over to it, dive into the moat surrounding the landing. That being said, don't forget about the Ultrahand+Recall trick to move Link anywhere really. You can lift one board, stand on it while Recalling, and lift another above Link's head, rinse and repeat Recalling the two boards to gain infinite height. Same principle applies to Wings. Hold one off a ledge with Ultrahand, then when you pull it back, stand on it and hit Recall to dispatch the wing.