One possible plot could be that Villain Deku is on a mission to undermine the hero society and crosses paths with Hero Deku. They engage in a fierce battle where Villain Deku taunts Hero Deku about his ideals. In the end, Hero Deku manages to get through to a small part of Villain Deku's conscience, leaving him with some doubts about his villainous path.
Villain Deku might start to question his villainous ways. Meeting Hero Deku could make him see the good in heroism. Hero Deku, on the other hand, could become more empathetic towards those who turn to villainy. He might realize that there are reasons behind it and not all villains are just 'evil' for the sake of it.
Toga could be an ally. Since she has her own complex relationship with the idea of heroes and villains, she might find Deku's transformation interesting. She could provide some of her unique skills, like shape - shifting, to help Deku in his villainous plans. Additionally, Twice might also join them because of his loyalty to Toga and his own sense of being an outcast in the hero world.
A possible plot is that Villain Deku has a plan to destroy a major hero institution, and Hero Deku has to stop him. But when they meet, Hero Deku realizes that Villain Deku was once like him, full of hope. This makes Hero Deku hesitant to fight at full force. Or perhaps Villain Deku has kidnapped someone close to Hero Deku, and during the rescue mission, Hero Deku tries to convince Villain Deku to change his ways. Also, they could be from alternate universes where the roles are reversed, and they are forced to interact and learn from each other.
For Hero Deku, his development could be shown by how he reacts to seeing his dark self. He might start to question his own beliefs and actions. For Villain Deku, his development could be in the form of a possible redemption arc. Maybe he starts to see the error of his ways through his interactions with Hero Deku. For example, if Hero Deku shows him kindness or understanding that he never received before.
The characters would have a range of reactions. Some would be in disbelief. They have witnessed Deku's journey from a quirkless boy to a powerful hero - in - training. So, seeing him as a villain in a fanfiction would be like a complete 180 - degree turn. Midoriya's mother would be devastated. She has always supported her son, and to see him as a villain would go against everything she believed in. The teachers at U.A. would be concerned and start to analyze what could have led to this change. Maybe they would question their own teaching methods or if there were any signs they missed during Deku's time at the school.
In a Deku villain fanfic, perhaps Deku could form an alliance with some of the existing villains in the Boku no Hero Academia world. He might see potential in them that the heroes overlook. He could team up with Shigaraki, believing that together they could reshape the world into a more 'fair' place, according to his now - twisted view.
I haven't come across one, but you could try looking on specialized comic websites or social media groups focused on comics. Maybe someone there knows if such a comic exists.