bigvador, when I mentioned EX, I was talking about how you can "absorb" a hit and roll away by doing
You lose and entire EX stock when you do it. So, I was wondering if you'd be able to do that as you were landing and "Absorb" the projectile.
Ah, you're talking about guard cancel roll. Guard cancel is an older KOF system, going back to 97 (I think). All you have to do is guard an attack, and quickly input a forward or backward roll at the cost of one power stock.
So, while it might look like you're absorbing a hit, all that's happening is you're canceling your guard into a roll (hence the name). But the most important thing about this move is being able to BLOCK the move in the first place. To answer your question, an airborne opponent couldn't GCAB a ground projectile, simply because there's no airblock in KOF.
(FYI, you can also do a guard cancel knock back with
while guarding. Also costs a stock.)