In this match, transforms won't be too effective. Krieg has an easy hard knock down skill (dash S), and if Krieg transforms....
This match depends on if the Krieg knows that the AS button is a different, but effective form of melee. If the Krieg constantly uses AAAA, or any part of that chain, he can risk getting caught by Lime's A Space (that homing little lime).
Lime is safe from Krieg's "spamming antics", except for maybe a surprise Hammer Boomerang or a Fire Comet. Lime is so fast that throwing out a random super strength as Krieg usually won't hit lime (unless Krieg is psychic). Fire Crushes' slow is nothing to worry about if the lime has a high level speed buff. If the Krieg transforms, just run away and use freezing limes. There's probably no way he can catch you.
In terms of damage, Krieg actually outdamages someone, which is lime.
As Lime, it'll be a really long match. It will mostly boil down to if the Krieg makes mistakes with his melee.
No offense but you're like really wrong in this scenario. I bolded your mistakes.
Wabang is probably one of THE BEST (if not the best) skills to use against krieg if you know how to do a full wabang juggle. With speed buff you should be able to maneuver around krieg and dodge his hard knockdowns you claim to be so threatening.
Boomerang and commet are easily avoidable with an invinci frame from a baby. If the lime has some sort of a brain he will use the baby before he gets hit with these.
"Just run away and use freeze babies"...are you serious dude? Freeze jellies have like a 40 sec CD so once you use them then what? And "running" away is the funniest thing ever haha. Try running away from jumper or a decent krieg. They will catch you with the dash attacks like 50% of the time and if you even get caught with one melee you are pretty much screwed. The only way beside freeze jellies that I have been able to counter xform kriegs is with sticky jellies but those are extremely hard to pull off and for some reason wiggling jellies don't affect kriegs speed in xform mode so yaaaaaa.
Only way I can see a krieg outdamaging a lime is when he is xformed so please explain this to me cause it makes no sense. With decent equips one freeze rrt or even a small chain of air combos can take out 1k hp each off a krieg easily.
Only things I hate about kriegs is that I can't stun lock them...Only efficient use of biki I can see is with with poison clouds and stun counters. Even then it's too risky.