BOOK I - FARORE'S WIND
Edge cancelling Farore's makes the move into an extremely fast and powerful gap closing and chase tool but the tolerance to land edge cancels is extremely small due to Zelda's higher traction. Despite the high precision required, the payoff is immense as landing it can lead to more followups, safer recoveries, and better positioning. Horizontal teleport cancelling is by far the easiest, as it's possible on platform to another platform and you only need concern yourself with your X position on the platform. You can get a feel for this distance by standing directly between the red arrows in the center of Pokemon Stadium's platforms and teleporting across to the other platform. This is the easiest visual platform cancel queue Zelda has. I recommend learning to cancel by feel rather than spot memory as you will have overall more reliable teleports in more places when you use distance judgment to hit your cancels.
Aerial cancels are harder but are possible along a line of points while aerial rather than a single point like on platforms. Zelda needs to fall onto edge at the end of her teleport for a cancel. These have multiple angles and points and can be achieved most easily with horizontal teleport. There are a multitude of teleport spots on every map but some are far from intuitive.
Generally teleport edge cancels are not possible from above due to Farore's propensity to become grounded upon passing downwards onto a platform, but longer than maximum teleport distance downward edge cancels are possible given you finish your teleport invisibility before coming to the platform. This enables some serious trickery as recovering from a great distance offstage suddenly becomes an actionable state immediately off of the edge of a platform but this is by far the most difficult edge cancel in my experience, it requires almost pixel perfect judgment over a very wide distance.
Stage / ground teleport cancels are also possible and enable a wide-range option on stages like FD + Pokemon. This is simplest performed by starting farore's on the first frame of jump as if wavedashing (hover teleport). This has a very narrow window to execute successfully and like other aerial teleport cancels is possible along a line above stage achievable by increasing the time between jump + teleport start & distance between you and the edge.