i think there should be a fine balance of clones and alternate costumes.
heres what I would like to see but i wont necessarily get.
Sonic/Shadow/MechaSonic as costume switches
Ganondorf-featuring a sword, costume varients Young OOT, Middle Aged TP, old WW. Maybe with some falcon moves.
Young cell link- young link from Wind Waker has different weapons then link does in twilight princess, thus the character would be similar, but still different. He should have the floaty leaf thing and a few other of the weapons i cant remember. Maybe some stuff from 4 swords and phantom hour glass. He should also have his island shirt.
someone said something about a variant of young link that used the different masks from MM, which is an awesome idea...but too good to expect. Maybe oni link as the final smash
Falco as a costume switch for fox, but of course it still says falco in the announcement
Mario should have his sunglasses and Hawaiian shirt, maybe dark mario, maybe doctor mario but only as a costume change.
Wario should definitely have his classic look
link should have lots of costumes, Tauru Link, Oot Link, Tp link, Dark Link, Oni link, Water Link, Fire Link, Money link, and the Pallete Swaps
Tails should only be an assist trophy
Luigi should have the vacuum instead of fireballs ala kirby, but be mostly the same, with luigi mario 2 jumps, and karate chop of course.
marth and roy should only be costumes for Ike
ness likewise for Lucas
liquid snake and big boss for Solid snake
there should be a girl pokemon trainer with a water, fire, and leaf pokemon, but they should play pretty much the same.
Eggman/robotnik should be in the game with their own personal moveset
Possibly have Wart in the game, either as another costume for Bowser, or as an assist trophy
diddy kong is currently a piece of crap, maybe he could have a clone character that is actually better.
daisy should be an alternate costume for peach, but in the voice over it should say daisy.
Shiek should be in the game, with bothy an oot look and a redesign.
Megaman should be in the game with all sorts of costume changes,actually every minute you play as him his powers slightly change to different version. Otherwise he would be a Samas clone