I'd be fine with either honestly. Don't care if he punches and kicks, swings a broadsword or blasts his foes with magic, as long as he's the bruiser we all know and love, I'll be satisfied.
I agree. I would change;
1) Warlock Punch into Dead mans volley
2) Wizard Kick > Wizard blade (same move except he uses his sword for the attack)
3) make all his smashes sword based (For example: Fsmash can be similar to Warlock Blade/custom B 2. Upsmash can be a sword swipe upwards (works similar to his current up smash) and Down smash can be a spin attack of sorts that Ganon spins twice low to the ground with his sword stretched infornt of him.
4) Up B have a bigger magic hitbox at the last hit. Or have him use his sword instead of the hand swipe
5) Nair be a magic attacks that hits from the front and back (somthing better for combos and getting an opponent off of you quickly)
6) Jab combo be 2 hits (his Melee jab + Brawl jab)
7) Up tilt can stay the same BUT have it be his fist that he slams to the ground like in OoT, and there is a wind box and explosion on both sides of Ganondorf.
8) A bit longer grab range with a different pummle attack. And different animation for his throws to make them more unique compared to Falcons. Maybe even a Killing throw at high %.
9) and finally; more magic effects on his aerials. Fair with a streak of darkness as he swings. Bair with a lighting ball at the end of the fist etc.
With this he practically stays the same. Except with a projectile, better smashes, a jab combo and a few better moves. But the play style and the best moves stay pretty much the same.
EDIT: and change his god damned running animation! It needs to be menacing and bad***! Also I think he should run a bit faster. And maybe had a new running attack or just add more magic to his current tackle.