Blocking does work. You can perfect block projectiles if you block a frame before they connect, allowing a proper parry even on projectiles. The most accurate way to fine tune landing into a projectile in the next active frame is the jump feature. Line your jump once it's in a comfortable distance to get your ready lock to appear just before you make contact. In general I've gone out as both a cowboy and a ninja by just perfect blocking through a hoard of projectiles. Ninja is easier cause dash strike is such a goated meter dump but having thousand cuts and instant cancels on cowboy doesn't hurt.