It's absurd that I recognised that silhouette from a small thumbnail, but that's what happens when farm over 100 Elma spirits. Good video, covers post-Sephiroth speculation in regards to data, rather than 'leaks'. He fairly briefly mentions Elma, but it feels signifigant seeing her name out there.
My thoughts at the moment, now that the dust is settling on Sephiroth's inclusion is that additional FF7 and ARMs music was left out at launch due to future plans, and not solely due to copyright. Obviously Xenoblade X is a significant example of another game to have such a gap. I'm honestly starting to wonder if Elma could be this passes equivalent of Hero, an older character returning in a port within months of their inclusion in Smash. Initially I didn't think they'd do that due to risk of upsetting certain fans, but seeing how long they held out on the Geno costume makes me think Nintendo aren't really too bothered about that sort of nonsense.
Speaking of Mii costumes, both Lloyd Irving, as a dual sword wielding JRPG Protagonist and the Monster Hunter armours could genuinely make sense as costumes that release alongside Elma, who doesn't think about hunting giant monsters when they think about playing a Xenoblade game? I'm probably reaching, but I'm honestly feeling more positive about Elma's chances than I have in a long time, after Steve and Sephiroth, I think theres space now for a smaller Nintendo character to join the fight, and I think Elma is certainly in the running.