Considering that Sakurai tends to go for the more detailed versions of characters, at times even coming up with his own versions or additions to them like he did with Peach (twice), Daisy, various Fire Emblem characters (especially Roy), Pit, Palutena, Meta Knight, King Dedede, Wolf, Capt. Falcon, ZS Samus, Simon, Richter, Sheik (twice), Pyra, Mythra, & Zelda (fusing LttP & LBW Zeldas into a single Zelda)...and likely more I couldn't think of.
Honestly, I'd say Smash uses new designs or the most modern design for a character more often than they use the Classic Design, like Cloud is using his Dissidia Final Fantasy design while Sephiroth fuses his Dissidia design's artstyle with his design used Advent Children.
Anyway, I'd say that the Smash Bros. version of Reimu, were it to happen, would be most likely based on one of the more detailed anime-esque figures, such as this one, keeping the most iconic elements of her costume intact while having more detail and a more pleasing art style.
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Yeah, as long as he doesn't do another Sonic situation and Crash ends up with half of his moves are spins..
I don't think so, the only Samus alt that wasn't a reference to one of her suits in her actual games, or Dark Samus, was the aforementioned Green 'Mass Produced' Samus..none of them were references to Star Wars.
Satoru Iwata is a real person and a name that isn't copyrighted.
Bloodstained was created by the father of modern Castlevania, so that was all tongue-in-cheek references to things he made in the past, none of them are trademarked either, with every one of those names being actual names. The Belmont strut is also not copyrighted and the entire game was a throwback to Classic Castlevania, so if Konami had took issue with it, the entire game would have been taken down or a deal would have been made to not get into legal trouble..which is acceptable for a game, but is kind of unneeded for colour alts would you could just not be direct or indirect about it at all and let the fans figure it out instead.
Its not that Xenogears is 'super special' that it can't have implied references, its that safer from a legal standpoint to not point them or be cheeky about them. Sakurai also doesn't tend to do stuff like that in regards to alternate colours, or at least hasn't since Smash 64...no other Smash Alt, aside from Ness' Henshin Tiger's alt, also from Smash 64, has been stated to be a reference to anything outside of their series.
Its also entirely possible that Sakurai wasn't the one to pick the alternate colours for Pyra/Mythra and MonolithSoft didn't tell him they made references to certain other games.