Wow, that sounds exactly like my situation with my friends. There's only one friend that can keep up with me but I almost always win. Usually it's Roy (me) vs. Link (him), but we switch it up everynow and then (I like link and pichu haha; crazy little bugger). I don't really need more charachters. What I really want is more strategy and moves with those characters. The dodge aspect was perfect for the SSB world, and I think there are many other little things that can add greatly to the gameplay. They should add a parry tactic, along with the dodge. You would use dodge for things like dodging Samus's charge up beam or dodging an attack in air. You would use parry when your on the ground right next to someone and they attack you normally (only normally/smash; no specials). The way you would execute it, is by dodging like you would except that you have to time it right (similar to Roy and Marth's down B, where you press it as your being hit, then it will reverse the hit onto the attack; greatest move ever by the way). Same idea, but instead of dealing out damage immediately, the attack would be stunned in a way where he/she couldn't do anything; except parry your attack. Then you can either throw them (which can't be parried) or smash attack them or whatever.
Also the ability to catch things....easily would be nice. I forsee a situation where a teammate is getting whooped, while your handling your business with another enemy. You have the bat, so you deal with your enemy, then throw the bat to your teammate across the map (like Hyrule Castle). They catch it in mid-air, turn and throw the bat at the enemy, or land and use it properly. The way you turn in mid-air should be changed, becuase you cant without doing a special, if I remember correctly. Also, I hate getting hit by those damn bomb-oms.
For throwing people, there should be a smash throw; becuase really, throws aren't that great at all unless there at 170% or something. So you grab the person then perfrom a smash throw, which should be hard to do so only advanced players can do it. Imagine Mario grabing someone, but instead of just twirling and throwing, he spins really fast using the person to injure other enemies as he moves accross the board (in the direction you tell him to) then he throws the person into oblivion. Samus's up throw should be her slamming the person against the ground with her grappling hook so they bounce up (whatever the damage percentage the person has) the she jumps up and bicycle kicks the person way up into the air. Speaking of samus, she should be able to grab people out of the air with her grappling beam (same with link). Also mid-air throws would be nice.
I think i've said this before but I always thought it would be better if everyone could some how transform. Like young link could transform into Zora link as well as Goron and Deku...each balanced and with there own specials (though I do like the idea of cel-shaded link). Mario could turn into fire Mario (obviously with more powers), or the mario that can turn people to stone, or even paint or metal mario. Samus could do it on a minor level where one of her moves could be switched in and out. She could fire ice, wave, and magma beams; along with each special missle combo. It might get alittle tricky with those characters that have remained the same over their game life. Link could whip out the biggoron sword and maybe even his hover boots. But anyways, this would make for more decked out charachters that are all around the same, which allows for more crazy strategic battles, but also insansely dangerous gameplay, especially coupled with items and level interactivity. It would keep everyone on there toes.