My friend Ammeren is one of the best MK's in Australia, and he just uses the normal configuration, he even leaves tap jump on. So I'd go with that.
Also, in regards to playing *** Brawl on an American Wii, it is possible with the use of a device called 'Freeloader'. Freeloader comes in the form of a disc, which you load onto your Wii, and (I'm assuming) you select the game you wish to play from a list, after which you put in the game you've selected and there you go: Japanese Brawl in an American Wii.
The problem with this is that the latest Wii update will kill the Freeloader device. SO, you're going to have to format your wii in order to use it.
There is also modding your wii as well, but I have certain reservations about breaking open my wii and unplugging about 50 cables.