Can I just say, do you guys think they may have held out on the Heihachi Mii costume because Tekken has mechanics that focus on using different limbs like Min Min does in Smash? I don't know that much about Tekken, but that is an idea I overheard and am considering.
In my limited knowledge of the game, Tekken does have a big focus on "what if punching with the other hand mattered", and many people have speculated that just as Ryu (and later Ken and Terry) brought full on input commands with him, Heihachi or any other Tekken character would bring some sort of right hand/left hand mechanic, among other things.
The rumors are that Sakurai thought about adding Heihachi into Smash 4 but settled with a Mii Costume due to it being hard to make that left/right concept work properly in Smash, though I have never read any interview or column that proves this to be the case (would be happy if someone could provide it), but if it's true, it could be the situation that Sakurai
could get the left/right punch to work properly, but couldn't come up with a system for it to be balanced. I mean, Sm4sh Ryu already had a situation in which weak utilt could walk opponents back and forth across the stage and finish with a true shoryuken and the only thing that kept it from being a game destroying mechanic was the relatively small size of the hitbox and the intense input demand. Imagine that situation in a game where you can simply run up and confirm a jab that does essentially the same thing.
The point to my musings here is that Sakurai was interested in the mechanic but not interested in the baggage it would carry attached to a close range fighter... so he opted this time to go for a long range fighter that uses it as a tool to cover their laggy, ranged move rather than a combo mechanism. Knowing that they were going to be making a second fighters pass, likely even
before Terry was shown off and certainly long before
we knew about a second fighters pass, I think the decision to save Heihachi for the ARMS fighter, regardless of how soon in the process Min Min was chosen, was an easy call to make.
I don't think this means anything good or bad for Geno, though. No other character would come with his gimmicks save for someone like Paper Mario, assuming that he would rely on timed hits/action commands as a driving part of his moveset... but since we still operate under an as of yet unbroken assumption that Square content comes with Square content, Geno coming with Paper Mario would seem out of place. Another Square rep was honestly going to be a death knell for our boy, regardless. However, I can't help but want to echo myself from all the way back in December that if Lloyd and Geno's costumes both remain missing, I can't see a future in which both make it. It would be too obvious of a move for Nintendo to withold both of these HUGE Brawl era personalities, especially now that Heihachi returned
alone, and then make them both fighters. For the purposes of this particular fanbase, we're fortunate that Geno has so much more going for him than Lloyd.