I'd have Shulk, Ness, and Lucas. Most veterans would be back. If Wario loses his bike, I would drop him as a main forever and never look back. I could care less about King K. Rool, Marshal, and Waddle Dee, but I don't hate them. In fact, I've come to dislike Waddle Dee a lot less as time has gone on. While the lack of Mewtwo is kind of annoying, I never really used him, so I'd get over it. In terms of balance, Ness being reverted back to Melee would make him worse than he was in Brawl. Jigglypuff would be good again so that's welcome, but Ice Climbers being able to wobble would make them stupidly good again. Wolf and R.O.B. didn't need to be changed so I'm fine with them being the same. Having not played any Zelda that has Ganondorf in it, I wouldn't really mind that he's still a semi-clone, especially because he'd still have the Flame Choke and Sparta Kick.
So overall, I'd be happy. I'd get the one newcomer I actually want (Shulk) I'd get all the Brawl vets I care about. There are some questionable balance changes (if Shoulder Charge does in fact replace the Bike, you'd have killed one of Wario's best moves) regarding Wario, Ice Climbers, and Ness, but overall seems pretty solid.
I would like to point out that Lucas's neutral special in Project M is not called PK Charge. It is called Offense Up, based on the support PSI of the same name.
