Ignoring the lack of the all important Villager, Waluigi is not a Wario character in any shape or form. He'd be after Bowser if you're specifically putting characters in their franchises.
Interesting roster, otherwise. Though I'd remove Jigglypuff unless you're doing a hard OG12 rule. Mewtwo, Lucario, Greninja, or Incineroar are more logical choices. I can't see Sheik ever getting cut either, but at least she's not a transformation rule, so fair enough.
...Huh, I didn't realize Roster Maker doesn't even use Olimar more proper name, but Pikmin & Olimar is a bit difficult to fit in, so that's somewhat justified. It should say P. & Olimar instead? I'll have to work on the icon, I guess, so it's actually accurate name-wise.
I don't see Mii Fighters or especially Meta Knight being removed. More than likely Meta Knight would be there instead of Dee, if they're having 3 characters for Kirby. It's not bad overall, though.