Nintendo-wise:
Ash (His moves would be based off a mixing of Pokemon he's had on the anime).
-Move wise, I'd have Squirtle's hydro pump be his up B (Think Link's Spin attack), Bayleaf's vine wipe would be his grab, Heracross' megahorn would be his side B, Treeco's bulletseed would be his B and Phanpy would do rollout for down B. Pikachu would help him with all the A moves (somewhat like Ice Climbers).
Ganon. If Ganondorf is a Cap Falcon clone, fine. But at least represent the real version of Nintendo's greatest villain. He needs to throw those electic spheres, have his trident, have fiery bats attack his foes and teleport. And visually, he needs to look similar to his Ocarina apperance.
A change with Young Link. If they want to keep him, turn him into the Majora's Mask Link. That means all his B moves change him into a different LoZ race. One Deku, one Goron and one Zora. Now that would be interesting.
Vic Macky.
Ryota Hayami. The flagship character of Wave Race and 1080, he could be very interesting to play as. Representing key Nintendo sports, I'd imagine him to be balanced, like he is in both franchises, and maybe have a few water and snow based moves as well....
Samurai Goroh and Rick Wheeler. Two very intersting characters from the F-Zero franchise. They should handle similar to their racers.
Diddy Kong. Do I really need to explain this? The guy already has had his own games.
Blastoise. He should be more that simply a one trick pony. Keep the Hydro Pump. Add spin attack for an u B, use body slam for a down b, blizzard for the side b and Skull Bash for a smash attack.
Raichu. If Pichu is a character, then dammit, make Raichu one too.
Non-Nintendo:
Sonic. And thats it. Lets keep this a Nintendo game, shall we?