If designed correctly, Sceptile could be a great Grass parallel to Charizard and Greninja. We already have a heavy powerhouse-type character (Charizard) and what looks like to be a speedy mix-up character with reliance on stealth and positioning (Greninja). In regards to moveset potential and playstyle, I can see Sceptile being a speedy rushdown character with a heavy emphasis on being a Venomous Drainer.
It should also be noted that in Sceptile's PokéDex descriptions, there's a particular focus on how it deftly jumps from branches to strike opponents. Perhaps this can be incorporated by giving Sceptile some sort of vaulting mechanic where you can grab raised object and platforms and dash off them for extra jumps. Perhaps there would be a limit on how much of these maneuvers you can do in one succession before entering freefall.
First, let's see his maxed out attributes void of any modifiers:
http://bulbapedia.bulbagarden.net/wiki/Sceptile_(Pokémon)#Stats
Its forte is in Speed, which would translate to a swift, quick hitting character. Smash has enough characters who fit this mark, but it depends what you do with it. its second strength is in Special Attack, which is typical of Grass types. It has decent Attack (dem leaf blades) and Special Defense at a tie while it falls on Health and Defense, making for a Glass Canon.
Now take a look at his movepool:
http://bulbapedia.bulbagarden.net/wiki/Sceptile_(Pokémon)#Learnset
It's bread-and-butter attack revolves around Leaf Blade. this could translate into many standard and aerial attacks and maybe an enhanced special. Absorb is also a common move for its evolution chain. Along with that, it has access to Mega & Giga Drain, Drain Punch, and Leech Seed through other means such as TM. The ways these moves can synergize with each other could allow for some sort of Overgrowth mechanic. Maybe his Leaf Blade attacks will do more damage and have wider range. Its drain attacks could make for attacks where the amount of damage you sap in a certain amount of time before executing moves will have increased effects or will sync up for more enhanced versions of a move.
Leaf Blade, X Scissors: Could make for its main methods of attack; the leaf blades on its arms. They are at an awkward angle to be fending with a sword, so maybe it would work as if it were fighting with tonfas or elbow blades. The growth mechanic I mention above could apply. For best effect, they should make up a majority of his standards, tilts, smashes, and aerials.
Absorb, Mega Drain, Giga Drain, Drain Punch, Leech Seed: Moves to trade damage with opponents for heals and to store some sort of cap to enhance other attacks such as Leaf Blade.
Grass Knot, Razor Leaf, Magical Leaf, Bullet Seed: Some Grass specials that may or may not have been utilized already. Grass Knot could be a trip maneuver (especially on heavier opponents) or extended directional attack. Razor Leaf, Magical Leaf, and Bullet seed could make good side attacks or quick burst projectiles. Perhaps those seeds on its back could be the ammo supply. Maybe even boomerangs. All could be enhanced with Overgrowth.
Cut, Strength, Rock Smash: Ah, the dynamic HM. Charizard had two of these in its arsenal. Cut could make for a fierce version of Leaf Blade. Maybe it can cut projectiles in half.
Solar Beam, Energy Ball: Would make for good charge projectiles or beams. They would not necessarily be the same as an Aura Sphere or Shadow Ball, of course. could directly feed bursts of sapped damage for more damage. Oh, and we've all seen the devastation Solar Beam can wreak with Ivysaur in Project M and Pokémon Trainer's Triple Finish.
Acrobatics, Aerial Ace: Swift aerial attacks that could be useful for recoveries. Judging by Acrobatics' use in the anime, you could do some sort of physical motion to make a hard-hitting rush attack. maybe even something that allows for multiple attack movements to be chained for anti-air.
Quick Attack, Agility, Pursuit: More attacks that focus on cunning speed. Yeah yeah, Pikachu's got that Quick Attack down. Agility could have some sort of shadow clone effect or make a mirror image of it performing the same attack at a slight delay. Pursuit might be one of those attacks where you immeadiately target your opponent and strike first.
Fury Swipes, Fury Cutter: some ideas for jabs or mashable or chain specials. Could work in rapid succesion.
Toxic: you could release a plume of purple fog that puts the Flower effect on enemies. Maybe it would be at maximum size. although sceptile's speedy approach and playstylte would be better suited for racking the flower effect's damage through comboing or rushdown.
Final Smash: Mega Sceptile (hypothetical), Leaf Storm: Personally, I doubt Mega Sceptile would work unless some announcement of the Hoenn final evolutions getting Mega Forms at E3 or in a Direct before Smash 3DS releases in Summer. Take a look at Mega Lucario and Mega Charizard X for reference. Sceptile's physical attributes will increase and its special attacks receive even more powerful effects. I'd imagine that the Overgrowth mechanic would be maxed out during this transformation. Leaf storm could be more straightforward. Similar to Leaf Kirby's Leaf Tornado attack, Sceptile would surround itself in a blustery wind of razor-sharp leaves that follow it around wherever it goes. Where the low of the fight leads would shift the course of the wind. Enemies getting caught in its would be suspended in DI-able chip damage. Maybe Sceptile can influence a beam of leaves pointing in the direction it wants. Perhaps the leaves will deplete after how much of them make enemy contact or are directed as beams. If we do get Mega Sceptile, maybe the initial leaf burst could be a finisher.
Overall, I would give Sceptile a B or an A-. Its typing has had limited exploration within the Smash Bros. franchise with Ivysaur. But Sceptile's physical characteristics and special attacks bring the Grass element to a new angle.
COME AT 'EM! I DARE YA!