Impa.
Tingle is.....Tingle. (Actually he's pretty cool. Impa's just cooler :awsome
Alright people...
Ryu from Street Fighter?
Or Ryu from Ninja Gaiden?
Ryu from Ninja Gaiden. While both series have had history with Nintendo, I don't love the thought of flat out bringing in characters from other fighting games and I have fond memories of repeatedly, repeatedly failing at the first Ninja Gaiden game.
Also, Ryu Hayabasa seems like he'd have more interesting move variety.
'sides, can you really ever have enough ninjas?
EDIT: Speaking of ninjas... d'oh!
Zelda, with Sheik as an indie fighter. For a multitude of reasons... but she is clearly more important to Nintendo than Palutena, as cool as the goddess might be. And you mentioning the separation of Sheik just makes me happy.
Hercules (Disney) or Mulan (Disney)?