I like this idea, what I don't like is the time limit. Why not just put one or two levels of each game on there? For the games that can be "speedrun" will need the entire game on the disc, whereas including one or two levels depending on the size of the game would have been better IMO. And, how big is this freaking disc? Not only does it have a massive game on it with, multiple levels of battle, a sizeable character roster, tons of music, tons of unlockables, and extra coding for the online mode, it also has classic games?
If Nintendo doesn't make this game able to download updates via WiiWare I will be supremely ticked off, they've seriously thought of everything else, why not the potentially best feature of the game besides the battles themselves?