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Make him a hybrid of O.Ryu and HF Ryu. I think most HF Ryu differences are OK to be implemented, with the exception of his invulnerability on the Tatsumakis, which were definitely OP on HF. I'll not make the Tatsu recovery invulnerable here since that was very annoying. I'll increase the startup invulnerability slightly so it resembles HF, though. His Hadouken recovery was also a little better on HF for Strong and Fierce than on SSF2, and that's included too. His air Tatsu will move horizontaly like in HF, but won't be able to be performed after doing a normal move (unlike HF), since that was also OP and weird. Finally, HF Ryu does considerably less damage on most medium to heavy damaging moves, but I'll only replicate the Shoryuken damage differences, all the Strong/Fierce/Forward/Rh normals will not be nerfed, I don't think this is necessary to make O.Ryu balanced, but if it happens that O.Ryu is still too good, then I will. He is already considerably worse than SSF2 Ryu though so I really doubt. The biggest change though, is the Red Hadouken removal. THe main reason for that is because HF RYu didn't had it, and I want to replicate his style on O.Ryu. He still has better Blue Hadoukens (which are slightly better now than they were in ST) so he'll be OK.
As for his special cancel window, on CE/HF/SSF2 Ryu has a special cancel window of 4f. ST's Old as well as new Ryu have a special cancel window of 5f. The only normals affected by this are Jumping Strong and Fierce, which can't be special canceled into Air Tatsus on HF. I will be replicating this for the sake of uniqueness, but I don't think the impact is bad at all to be honest, since the old version is receiving the horizontal Tatsu from HF so the way to use it would be way different anyway.