Here's the best standard-starter damage I can get so far without using an L3.
Edit: For reference, the damage for that without the ending super is 8395. 8405 if you use s.MK because of not needing the juggle.
The starter doesn't work on Peacock or Painwheel and the magnet whiffs on a number of characters if you aren't close enough when starting the chain. Using 2MK in the starter instead does catch both if your timing is spot on, but Painwheel's OTG hurtboxes are just too thin to touch the mine in the first place.
If yer looking at the stick display, you may notice that I doublejump cancel off the first j.HK vertically, not diagonally. Since H-Beam's hitboxes are actually 6 "shots" fired in sequence instead of being an actual beam, Squigly and Valentine would be dropped out of the combo if I were to doublejump forwards. Amusingly, this also means that you can make the graphic overlap the enemy without actually hitting them, such as calling H-Beam assist from a distance at the same time as doing Gigantic Arm. The shots barely can't catch up before they all disappear!
If your opponent is standing, you actually get 182 extra damage off ending with cr.MK instead of s.MK in the chain and supercanceling H-Beam instead of going straight from s.HP to beamsuper, but it doesn't work on Big Band since he restands himself before getting hit by the beam. If you can end the above combo with a juggle on middleweights (or Painwheel), s.MK lets you get 192 up. And of course, mids and heavies allow the last hit of the 3rd j.HK which is 55 more.
Does magnet super count as a red bounce?
Yer too fixated on the red ring being the tell for using OTG. Late crumple animations and Beowulf's throw enders don't have that either, and they still use OTG. It's not an ironclad rule.