So I sincerely hope the first round will be seeded (despite the fact that there will likely be a random selection process). So if you organize the players into tiers based on overall Smash ability and investment into all games at this point in these players' respective careers, you'd have 4 basic tiers like these...
1) PPMD, HBox, Zero, aMsa
2) DJNintendo, PPU, MacD, KDJ
3) HugS, Toph, Ken, milktea
4) Rapture, PeachyHime, Lilo, Crismas
I would choose one player from each tier to be in each of the 4 first round FFAs. Also, Nintendo will probably want to split the female players up to give them the highest likelihood of advancing. So it might look something like this...
FFA1 - PPMD vs. KDJ vs. milktea vs. Rapture
FFA2 - HBox vs. MacD vs. Ken vs. Peachyhime
FFA3 - Zero vs. PPU vs. Toph vs. Lilo
FFA4 - aMsa vs. DJNintendo vs. HugS vs. Crismas
I know it's unlikely, but I hope they pick the match-ups in some sort of logical fashion like that.