Probably nothing in this game pisses me off more than the godawful return mechanics in TS4. From what I've experienced, having a high speed and high reflex value improves your chances to hit better returns but even with both skills in the red I often see my player returning an 80-90 mph serve with perfect timing on my "red" forehand with the power of a top spin control shot, right into the forehand of my opponent who promptly punishes it. Or when you're on the ad side and your serve and volley opponent serves wide on your backhand, the only way to answer it is a long line top spin shot, which is of course slow and often waiting to be punished by a strong volley.
I have not played with a Return Serve Counter coach but I think that the mechanics are similar to Shot Counter which am 99% sure also works on serves, at least I remember hitting more return winners on average. Instant rocket is also helpful to build up power more quickly on medium speed serves (it's very noticable when playing against Serena on Pro+).
I strongly agree that removing risk returns was a good move, because otherwise serve and volley would be 100% non-competitive (well that's actually kinda realistic).
So what's your strategy to hit a good return?